Kendra purchased 10,000 shares of Gold Corporation common stock six years ago for $160,000. In the current year, Kendra received 800 shares of preferred stock as a dividend on her common stock, while the other holders of common stock received a common stock dividend. The preferred stock Kendra received has a fair market value of $80,000, and her common stock has a fair market value of $240,000. Assume that Gold has ample E & P to cover any distributions made during the year. What is Kendra’s basis in the preferred and common stock after the dividend is received? When does her holding period commence for the preferred stock?