1. Albert contributes to Carl Co, a newly formed corporation, property worth $80,000 with a basis of $60,000 in exchange for 2,000 shares. Assume the stock is worth $1,000 per share. As part of the same transaction, Barry (an employee of Albert) contributes to Carl Co property worth $20,000 with a basis of $10,000 in exchange for 8,000 shares. How much income must Albert and Barry recognize? (Assume that if 351 applies, Alberts basis in the stock he receives is the same as his basis in the property.)