Tisha has operated her bakery business as a sole proprietorship for many years. However, she recently incorporated her business for the limited liability protection. To form the corporation, she transferred the following assets in exchange for 80 shares of stock: (1) accounts receivable worth $50,000 (adjusted basis of $0); (2) furniture and fixtures valued at $400,000 (adjusted basis of $100,000); and (3) other assets worth $550,000 (adjusted basis of $300,000). To mitigate the workload, her friend, Margaret, also became an owner by performing accounting services worth $375,000 in exchange for the other 30 shares of outstanding stock. 

Determine the tax effects of the incorporation for Tisha, Margaret, and the corporation (i.e., gains/losses/income realized and recognized as well as basis in all property received)