Tweedle-Dee and Tweedle-Dum form Alice Corporation with the transfer of the following. Tweedle-Dee performs personal services for the corporation with a fair market value of $100,000 in exchange for 400 shares of stock. Tweedle-Dum contributes an installment note receivable (basis $25,000; fair market value $40,000), land (basis $50,000; fair market value $180,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares. Determine Tweedle-Dee and Tweedle-Dum's current income, gain, or loss; calculate the basis that each takes in the Alice stock.