Moe, Larry, Curly, and Shemp incorporate their psychiatry practice $($Babbling Lunatics, Inc.$)$ with the following investments:

A$)$ Moe contributes his warehouse $($basis of $$240,000$ and FMV of $$560,000)$ for $7,761$ shares of Babbling stock, worth $$477,000.$ The corporation also assumed his $$83,000$ of business debts.

B$)$ Larry contributes his real estate $($basis of $$690,000,$ FMV of $$570,000)$ in exchange for $8,356$ shares of Babbling stock, worth $$546,000,$ and received $$224,000$ cash.

C$)$ Curly contributes his farm $($basis of $$360,000,$ FMV of $$740,000)$ for $9,064$ shares of Babbling stock, worth $$423,000.$ The corporation also assumed his $$317,000$ mortgage, which Curly took in order to pay his past due gambling losses.

D$)$ Shemp contributes house painting services to the corporation $($basis of $$0,$ FMV of $$68,000)$ for $2,654$ shares of Babbling, Inc. stock, worth $$68,000.$