This year, Jim, Bob, and Joe formed X Corporation by making the following contributions:

John: Land (Held as investment) - Basis $25,000 - FMV $30,000

Bob: Machinery - Basis $50,000 - FMV $30,000

Joe: Inventory - Basis $15,000 - FMV $30,000

Each shareholder receives 20 shares in the corporation. Each shareholder received a $10,000 note from the corporation.

What is each shareholder's basis in their stock? When does their holding period begin?