George and Nancy form EB Corporation with the following investments. George transfers machinery $($basis of $ $140$k and fair market value of $$200$k$)$ and Nancy transfers land $($basis of $$120$k and fair market value of $$190$K$)$ and services rendered $($worth $$10$K$)$ in organizing the corporation. Each is issued $25$ shares in EB Corporation. With respect to the transfers, WHAT ARE THE RECOGNIZED GAIN$/$LOSSES & basis FOR George, Nancy and EB$.$