Andre receives $50$ shares of stock with a fair market value of $$200,000$ plus $$50,000$ cash in exchange for his contribution of machinery, land, and inventory valued at $$40,000,$ $$150,000,$ and $$60,000,$ respectively. His adjusted basis is $$10,000$ for the machinery, $$180,000$ for the land and $$50,000$ for the inventory. Andre will recognize gains of $\_\_\_\_\_\_.$

Multiple choice question.

$$8,000$ on the machinery and $$10,000$ on the inventory, and no gain or loss on the land

$$30,000$ on the machinery and $$10,000$ on the inventory, and no gain or loss on the land

$$30,000$ on the machinery and $$12,000$ on the inventory, and no gain or loss on the land

$$30,000$ on the machinery and $$10,000$ on the inventory, and a $$30,000$ loss on the land