On January 3, 2019, Adam, Brian, Charlie and Dave decide to form XYZ Corp. as a vehicle through which they intend to engage in a business. Adam transfers machinery with a FMV of $90,000 and an adjusted basis in his hands of $105,000 to the corporation in exchange for 100 shares of voting common stock. The machinery was encumbered by a $70,000 liability at the time of the transfer. Brian contributes a truck with a FMV of $20,000 and an adjusted basis of $8,500 in exchange for 100 shares of voting common stock. Charlie transfers land with a FMV equal to $238,000 that is encumbered by a $218,000 liability and has an adjusted basis in his hands of $180,000 in exchange for 100 shares of voting common stock. Dave receives 50 shares of stock in exchange for his agreement to render services for X Corp. What is the adjusted basis of the stock received from XYZ Corp. in the hands of Adam, Brian, Charlie and Dave?

What is the amount of the realized gain or loss for Adam, Brian and Charlie?

What is the amount of gain or loss to be recognized by Adam, Brian and Charlie?

What is the amount and character of any income to be recognized by Dave?

What is XYZ Corp adjusted basis?