Exercise $12-1($LO$.2,3)$

Marie and Ramesh form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $$80,000$ in exchange for $400$ shares of stock. Ramesh contributes an installment note receivable $($basis $$25,000$; fair market value $$30,000),$ land $($basis $$50,000$; fair market value $$170,000),$ and inventory $($basis $$100,000$; fair market value $$120,000)$ in exchange for $1,600$ shares.

Determine Marie and Ramesh's current income, gain, or loss and calculate the basis that each takes in the Roundtree stock.

If an amount is zero, enter $"0".$