Patty, Quincy, and Ray organize PQR, Inc, a corporation for federal tax purposes. Patty contributes cash of $30,000 and land worth $70,000 with a basis of $30,000, and receives 100 shares of stock. Quincy contributes inventory worth of $120,000 with a $150,000 basis, and receives 100 shares of stock and $20,000 from PQR. Ray contributes a machine worth $110,000 with a basis of $95,000 and receives 100 shares of stock and $10,000. What are the income tax consequences to all the parties