Jekyll and Hyde formed a corporation $($Halloween Inc.$)$ on October $31$ to develop a drug to address split personalities. Jekyll will contribute a patented formula valued at $$200,000$ in return for $50$ percent of the stock in the corporation. Hyde will contribute an experimental formula worth $$120,000$ and medical services in exchange for the remaining stock. Jekyll$$s tax basis in the patented formula is $$125,000,$ whereas Hyde has a basis of $$15,000$ in his experimental formula.

Prepare the $351$ statement that must be included with the return.