Igor, Ralph, and Sally transfer the following investments into a newly formed corporation.

	Adjusted Basis	FMV	Number of Shares Received in Exchange
From Igor:
Equipment	$285,000	$300,000	350
Cash	50,000	50,000
From Ralph:
Unrealized A/R	0	$100,000	150
Cash	50,000	50,000
From Sally:
Land and Building	$200,000	$400,000	100
Mortgage Payable on Land and Building	300,000	300,000

Based upon the above information:

Answer:

What, if any, is the recognized gain or loss for Igor, Ralph, and Sally?

Answer:

What is Igors, Ralphs, and Sallys basis in their stock?

Answer:

What is the corporations basis in the Land and Building?