Ted makes a new corporation $($as its sole shareholder$)$ and contributes $$100$ worth of land with an Adjusted $/$Basis $($A$/$B$)$ of $$60,$ and services of $$50.$ In exchange, Allen receives $10$ shares of stock for the land, and $5$ shares for the services. Please cite all IRC Code Sections and Regulations you are relying on to support your answer.

$1$ What is the adjusted basis of his stock?

$2$ What is the amount of gain recognized by Allen in this transaction?

$3$ How is the holding period for the stock received determined?

$4$ What is the A$/$B of the property received by the corporation?

$5$ How does the corporation treat the receipt of services?

$6$ What is the gain or loss to the corporation on the issuance of its own stock?