Section 351 Question

John, Andrew, and Maria decide to pool their resources and form JAM, Corporation. Here is how they structured the transaction:

John contributed a building with a fair market value of $400,000 and an adjusted basis of $150,000. This building had a mortgage of $200,000 which JAM Corporation will assume. In exchange for the contribution of the building (and assumption of mortgage), John will receive 400 shares of stock in JAM Corporation.

Andrew contributed $50,000 of cash and manufacturing equipment with a fair market value of $350,000 and an adjusted basis of $80,000. In exchange for the contribution of the cash and manufacturing equipment, Andrew received 400 shares of stock in JAM Corporation.

Maria performed services valued at $180,000. In additional Maria contributed computer equipment with a fair market value of $20,000 and an adjusted basis of $15,000. In exchange for services rendered and the computer equipment, Maria received 200 shares of stock in JAM Corporation.

For Maria:

1. How much (if any) gain, loss, or income does Maria recognize as a result of this transaction?

2. What is Marias basis in JAM stock? 3. What is Jams basis in the computer equipment?