Claire and lucy decide to organize their business pinkco as a c corporation. Claire distribures inventory (fmv $28,000, basis, $21,000), equipment (FMV $51,000, basis 0) and cash ($41,000). Pinkco. Will also assume 20,000 of claires general business payables as part of the transaction. Lucy contributes land (FMV $50,000 bsis 60,000 and services worth $50,000. Each woman receives 1,000 shares in the exchange i.e. there will be 2000 total shares outstanding. Suppose Lucy does not contribute to the land (i.e. she only provides the services). Claire now receives 1000 shares and Lucy receives 500.

How much taxable income would Claire have now?