Mike and Jim decide to form a C-Corp. Mike contributes inventory with a FVM of $100,000 in return for 90% of the company stock. Mike's tax basis in the inventory is $50,000. Jim contributes his legal services for the formation with a FMV of $5,000 in return for 10% of the company stock. Mike will recognize Blank 1 of income in the transaction Mike will realize Blank 2 of income in the transaction Jim will recognize Blank 3 of income in the transaction Jim will realize Blank 4 of income in the transaction