In the current year, Andy, Jona, and Lena form Agua Corporation. Andy contributes land (a capital asset) having a $37,500FMV (fair market value) in exchange for 175 shares of Agua stock. He purchased the land three years ago for $140,000. Jona contributes machinery (Sec. 1231 property purchased four years ago) having a $85,000 adjusted basis and a $22,500FMV in exchange for 105 shares of Agua stock. Lena contributes services worth $15,000 in exchange for 70 shares of Agua stock. a. What is the amount of Andy's recognized gain or loss? b. What is Andy's basis in his Agua shares? When does his holding period begin? c. What is the amount of Jona's recognized gain or loss? d. What is Jona's basis in his Agua shares? When does his holding period begin? e. How much income, if any, does Lena recognize? f. What is Lena's basis in her Agua shares? When does her holding period begin? g. What is Agua's basis in the land and the machinery? When does its holding period begin? How does Agua treat the amount paid to Lena for her services