In the current year, Dan, Stu, and Keri form Apollo Corporation Dan contributes land (a capital asset) having a $ 100 comma 000 FMV in exchange for 125 shares of Apollo stock He purchased the land three years ago for $ 110 comma 000 Stu contributes machinery (Sec 1231 property purchased four years ago) having a $ 100 comma 000 adjusted basis and a $ 60 comma 000 FMV in exchange for 75 shares of Apollo stock Keri contributes services worth $ 40 comma 000 in exchange