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Exercise $18-19($Algorithmic$)($L$0.1,2)$

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 $$105,600$ in exchange for $400$ shares of stock. Ramesh contributes an installment note receivable $($basis $$25,000$; fair market value $$30,000),$ land $($basis $$50,000$; fair market value $$170,000),$ and inventory $($basis $$177,920$; fair market value $$222,400)$ 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 $"0".$

Marie has income of $ $$ and $ $$ basis in her $400$ shares of stock. Ramesh has income of $ $$ and $ $$ basis in his $1,600$ shares of stock.