Bob, Sam, and Tom formed IU Inc. in 2018. Bob contributed equipment (Code Sec. 1231 property) he acquired in 2015 for \(\$ 190,000\). On the date of transfer, the equipment's adjusted basis and fair market value were \(\$ 100,000\) and \(\$ 150,000\), respectively. Bob received 150 shares of IU Inc. Sam transferred land (capital asset) which he acquired in 2012. The land's adjusted basis and fair market value on the date of transfer were \(\$ 50,000\) and \(\$ 250,000\), respectively. Bob received 250 shares of IU Inc. Tom contributed inventory with an adjusted basis of \(\$ 35,000\) and a fair market value of \(\$ 50,000\) in return for 50 shares of IU Inc.

a. What are the tax consequences to Bob?

b. What are the tax consequences to Sam?

c. What are the tax consequences to Tom?