How much gain does Calvin recognize, if any, and what is his basis in the stock of Quail Corporation based on the facts?

Amanda and Calvin form Quail Corporation. Amanda transfers equipment with an adjusted basis of $30,000, fair market value of $60,000, for 50% of the stock, worth $60,000. Calvin transfers fixture and furniture with an adjusted basis of $30,000, fair market value of $60,000, and equipment with an adjusted basis of $30,000, fair market value of $60,000, for the remaining 50% of the stock. Please note that the equipment Calvin contributed had a liability of $61,000 which the corporation assumes.