Loonis Incorporated and Rhea Company formed LooNR Incorporated by transferring business assets in exchange for 1,000 shares of LooNR common stock. Loonis transferred assets with a $820,000 FMV and a $444,000 adjusted tax basis and received 820 shares. Rhea transferred assets with a $180,000 FMV and a $75,000 adjusted tax basis and received 180 shares. Determine Loonis and Rhea's tax basis in their LooNR stock and LooNR's aggregate tax basis in the transferred assets.

Multiple Choice

A: Loonis' basis is $444,000; Rhea's basis is $75,000; LooNR's basis is $1 million.

B: Loonis' basis is $444,000; Rhea's basis is $180,000; LooNR's basis is $1 million.

C: Loonis' basis is $444,000; Rhea's basis is $180,000; LooNR's basis is $624,000.

D: None of these choices are correct.