Jake and Robert decide to form a C-Corp. Jake contributes inventory with an FVM of $100,000 in return for 90% of the company stock. Jake's tax basis in the inventory is $50,000. Robert contributes his legal services for the formation with an FMV of $5,000 in return for 10% of the company stock.

a. Jake will recognize [{Blank}] of income in the transaction

b. Jake will realize [{Blank}] of income in the transaction

c. Robert will recognize [{Blank}] of income in the transaction

d. Robert will realize [{Blank}] of income in the transaction