Nancy Pelosi formed a new corporation which she owns 100% on January 1, 2017, Losing Is My New Role, Inc. She contributed an e-mail server to the corporation. The e-mail server had a basis of $90,000. The e-mail server had a debt on it of $150,000 which was contributed along with the server. The e-mail server had a fair market value of $190,000 based upon its value as a collectible as Nancy Pelosi was not the original owner. Pelosi owned 100% of the stock.

a) What is Pelosi's gain or loss resulting from the contribution, if any?

b) What is Pelosi's basis in the corporation?

c) What is corporation's basis in the equipment?