Antoine, Becky, and Colleen form ABC Corporation by contributing the following items in exchange for stock in ABC Corporation:

Adjusted Basis Fair Market Value

of property given of property given Shares of Stock Received

Antoine:

Cash $ 30,000 $30,000

Equipment 300,000 420,000 4500 shares

Becky:

Land $100,000 $480,000 3000 shares*

Mortgage 150,000 (150,000)

Colleen:

Services $0 $ 50,000 500 shares

Additional information:

• Colleen has a PhD in computer technology and designed their online platform.
• *Becky received $30,000 of cash in addition to 3,000 shares of ABC Stock.

Questions:

1. How much gain, loss or income does Becky recognize from contributing her land? (Note: ABC will assume the mortgage).
2. What is Becky's basis in ABC Stock?