Eudora and James form Jazz Corporation with the transfer of the following. Eudora performs personal services for the corporation with a fair market value of $96,000 in exchange for 800 shares of stock. James 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 $147,200; fair market value $184,000) in exchange for 3,200 shares. Determine Eudora and James's current income, gain, or loss; calculate the basis that each takes in the Jazz stock. Answer: Eudora has income of $ and a $ basis in her shares of stock. James has income of $ and a $ basis in his shares