The following three individuals decide to form TOBY, INC., a C corporation:

James: Receives 500 shares of stock

• Services performed (developed technology platform) $40,000
• Contributed computer and peripheral equipment 5,000 10,000

Jenna: Receives 500 shares of stock

• Cash 20,000
• Office furnishings (desk, chairs, retail fixtures) 10,000 30,000

Ollie: Receives 500 shares of stock

• Land and Building 30,000 100,000
• Mortgage on land & building (assumed by TOBY, INC.) 60,000

1. What basis does TOBY, INC. have in:
   1. The computer and peripheral equipment
   2. Office furnishings
   3. Land and building