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. What is Pelosi's gain or loss resulting from the contribution, if any? What is Pelosi's basis in the corporation? What is corporation's basis in the equipment?