Lex contributes property to L Corp, a newly formed corporation, with a fair market value of $$80,000$ and

an adjusted basis of $$65,000$ in exchange for $75$ shares of stock in L$.$ As part of the same transaction,

Lionel contributes services with a value of $$20,000$ to L in exchange for $25$ shares. What are the tax

consequences to Lex and Lionel? Explain your answer.