Marie and Ethan form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $193,200 in exchange for 400 shares of stock. Ethan contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000) and inventory (basis $458,240; fair market value $572,800) in exchange for 1,600 shares.
If an amount is zero, enter "0". Marie has income of $ and $ basis in her 400 shares of stock and Ethan has income of $ and $ basis in his 1,600 shares of stock.