Claire and Don formed Y Corporation to engage in the waste hauling and landfill business. Claire contributed a solid waste truck with a basis of $150,000 and a fair market value of $100,000 in exchange for 10 shares of voting common stock. Don contributed land with a basis of $30,000 and a fair market value of $100,000 in exchange for 10 shares of voting common stock. What are the tax consequences to Claire, Don, and Y Corporation as a result of the formation of the corporation?