Sheila, Swati and Joey form SSJ Corporation by transferring the following assets, each of which has been held long-term: Transferor Asset Adjusted Basis FMV Sheila Depreciable business equipment $ 11,000 $ 34,000 Swati Inventory $ 12,000 $ 30,000 Land $ 16,000 $ 10,000 Joey Land $ 35,000 $ 45,000 In exchange, they each receive the following. Transferor Cash Common Stock Pref. Stock Sheila $ 4,000 25 shares 100 shares Swati $15,000 25 shares Joey $ 5,000 20 shares Joey also receives a note payable to Joey from ABC in the amount of $20,000 which is payable in three years. The FMV of the common stock is $1,000 per share and the FMV of the preferred stock is $50 per share. Assume that none of them are "dealers" in real estate and the preferred stock issued to Sheila is not "nonqualified preferred stock." a) What are the tax consequences (gain/loss realized, gain/loss recognized, basis, and holding periding period for each of the assets received by the corporation