Claire and Simon form the Summer Corp, with a transfer of the following properties:

Claire $1,200,000 cash

Simon $1,200,000 FMV property

$800,000 tax basis

Claire will receive 50% and Simon 50% of the corporate stock.

Complete the following

Claire Simon

Realized gain ________ ________

Recognized gain ________ _________

Basis of Stock _________ _________

Summer basis in contributed asset __________ _________