Ron, David, and Mary formed AB Corporation. Ron and David each received 40% of the stock, and Mary received the remaining 20%. Ron contributed land with a FMV of $70,000 and an adjusted basis of $20,000. The corporation also assumed a $30,000 business liability on the property. David contributed land with a FMV of $30,000 and an adjusted basis of $15,000. David also contributed $10,000 in cash. Mary received her stock for services rendered. He would normally bill $20,000 for these services.

1. What is Ron's recognized gain?

2. What is David's recognized gain?

3. What is Mary's recognized gain?

4. What is Ron's basis in the stock recieved?

5. What is David's basis in the stock recieved?

6. What is Mary's basis in stock recieved?