Amy and Ben plan to organize X Corporation to engage in the construction business. Amy will contribute a truck with a basis of $50,000 and a fair market value of $150,000 and a power shovel with a basis of $125,000 and a fair market value of $100,000 in exchange for 20 shares of voting common stock. Ben will contribute $100,000 in cash and undeveloped land, previously held as an investment, having a basis of $20,000 and a fair market value of $150,000, in exchange for 100 shares of $1,000 par value nonvoting preferred stock with an 8% dividend preference and 12 shares of voting common stock. The fair market value of the preferred stock is $100,000. What are the tax consequences to Amy, Ben and X Corporation as a result of formation of the corporation? Specifically, how much, if any, gain must each recognize; what is the basis to each shareholder in the stock received; and what is the corporation's basis in the assets received by it?