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JFK and Abraham Lincoln form Convertible Co. JFK transfers land with a basis of S65 and a FMV of S220 for S55 cash and 60% of the stock in Covertible Co. (stock valued at S120). The land is subject to a mortgage of S45, which is also transferred to Convertible Co. Abraham Lincoln transfers property (with a basis of S8 and a fmv of $20) and agrees to serve as the CEO of convertible co. for one year for the other 40% of the stock (stock valued at $80). What is JFK's recognized gain, and stock basis? What is Abraham Lincoln's recognized gain, and stock basis?