Mary Jones, Bob Smith, and Harry Lyke form JSL Corporation in $20$X$1.$ Peter Salsa

was hired by JSL to aid in the incorporation process. The following items were

transferred by and to each party:

The value of each share of stock is $$1,000.$ The value of each bond is $$1,000.$ The

mortgage transferred by Mary Jones is assumed by JSL Corporation. Indicate each

party's recognized gain or loss and each party's basis in all properties received.