Use the following information to answer the next four questions: Claire and Lucy decide to organize their business PinkCo., as a C corporation. Claire contributes inventory (FMV $28,000, basis $21,000), equipment (FMV $51,000, basis $0), and cash ($41,000). PinkCo. will also assume $20,000 of Claire's general business payables as part of the transaction. Lucy contributes land (FMV $50,000, basis $60,000) and services worth $50,000. Each woman receives 1,000 shares in the exchange (i.e., there will be 2,000 total shares outstanding). Unless otherwise specified, do not assume any voluntary elections have been made with regards to this transaction