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 $80,000 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 $100,000; fair market value $120,000 ) in exchange for 1,600 shares. Determine Marie and Ramesh's current income, gain, or loss; calculate the basis that each takes in the Roundtree stock. (LO.1,2)