Tony, Ursula, Vera, Walter, and Xavier form TUVWX Corporation.

Tony contributes land with a basis of $80,000 (FMV of $90,000)

Receives 65 shares and $25,000

Ursula contributes land with a basis of $50,000 (FMV of $60,000)

Receives 57 shares of stock and $3,000

Vera contributes services worth $30,000

Receives 30 shares

Walter contributes a building with a basis of $150,000 (FMV of $125,000) and subject to a mortgage of $80,000. Assume no depreciation recapture.

Receives 45 shares

Xavier contributes a building with a basis of $60,000 (FMV of $85,000), subject to a mortgage of $78,000. Assume no depreciation recapture.

Receives 7 shares

Compute

1. Each shareholders gain
2. Each shareholders basis
3. Each shareholders holding period in the stock received
4. The corporations basis in each of the contributed property