In the current year, MickMick, JayJay, and FionaFiona form AresAres Corporation. MickMick contributes land (a capital asset) having a $ 37 comma 500$37,500 FMV in exchange for 150150 shares of AresAres stock. He purchased the land three years ago for $ 110 comma 000$110,000. JayJay contributes machinery (Sec. 1231 property purchased four years ago) having a $ 50 comma 000$50,000 adjusted basis and a $ 22 comma 500$22,500 FMV in exchange for 120120 shares of AresAres stock. FionaFiona contributes services worth $ 15 comma 000$15,000 in exchange for 3030 shares of AresAres stock.

a. What is the amount of MickMick's recognized gain or loss? b. What is MickMick's basis in his AresAres shares? When does his holding period begin? c. What is the amount of JayJay's recognized gain or loss? d. What is JayJay's basis in his AresAres shares? When does his holding period begin? e. How much income, if any, does FionaFiona recognize? f. What is FionaFiona's basis in her AresAres shares? When does her holding period begin? g. What is AresAres's basis in the land and the machinery? When does its holding period begin? How does AresAres treat the amount paid to FionaFiona for her services?