Exercise $12-1($Algorithmic$)($LO$.2,3)$

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 $$151,200$ in exchange for $400$ shares of stock. Ramesh contributes an installment note receivable $($basis $$25,000$; fair market value $$30,000),$ land $($basis $$50,000$; fair market value $$170,000),$ and inventory $($basis $$323,840$; fair market value $$404,800)$ 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 $$151,200$ and $ $$ basis in her $400$ shares of stock. Ramesh has income of $ $x$ and $ X basis in his $1,600$ shares of stock.