In the current$$ year, Tom$,$ Nick$,$ and Sue form Water Corporation. Tom contributes land$($a capital$$ asset$)$ having a $ $125$ comma $000$ FMV$($fair market$$ value$)$ in exchange for $75$ shares of Water stock. He purchased the land three years ago for $ $140$ comma $000.$ Nick contributes machinery$($Sec$.1231$ property purchased four years$$ ago$)$ having a $ $185$ comma $000$ adjusted basis and a $ $75$ comma $000$ fair market value$($FMV$)$ in exchange for $45$ shares of Water stock. Sue contributes services worth $ $50$ comma $000$ in exchange for $30$ shares of Water stock.