Peter organized Cannery Corporation (“CC”) 5 years ago by contributing equipment worth $1 million (basis of $450,000) for 2,000 shares of stock in CC, representing about 66% of the stock in the corporation. Peter’s friend Bill brings in some lab equipment worth $200,000 (basis $180,000) and agrees to perform services deemed to be worth $40,000. Bill gets 485 shares of CC. Joe, another friend, gets 545 shares in CC for bringing trucks worth 260,000 to the Corporation. His basis in these trucks was $ 260,000. 

What gain OR ordinary income, if any, will Peter recognize on the transfer? (what is his realized gain? What is his recognized gain?). 

How about Bill? How about Joe??