Tom's parents lend Tom $50,000 cash to help with starting up their business enterprise. Tom's parents suggest that Tom and Jerry form a corporation to protect them from personal liability (blenders can be dangerous). On July 1, 2021, Tom and Jerry form TJ Smoothie Co., Inc. with Jerry contributing access to the commercial property rent free for 1 year and Tom contributing $50,000 in cash. Tom and Jerry each take 50 common shares in TJ Smoothie Co., Inc. What are the tax consequences (gain or loss recognized, basis and holding period in the stock received) to each of the transferors