A contributes to X, a newly formed corporation, property worth $80 with a basis of $60 in exchange for 20 shares. Assume the stock is worth $1 per share. As part of the same transaction, B (an employee of A) contributes to X property worth $20 with a basis of $10 in exchange for 80 shares. How much income must A and B recognize (assume that if sec. 351 applies, As basis in the stock receives is the same as As basis in the property)?