Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $470,000 and fair market value of $705,000). Simon invests $564,000 of cash. They each receive 100 shares in Ion Corporation, worth $564,000, but Yvonne also receives $141,000 in cash from Ion. Calculate Ion Corporation's basis in the equipment and determine Yvonne and Simon's basis in the Ion stock. Ion Corporation has a basis of $ X in the equipment. Yvonne has a basis of $ X for her stock and Simon has a basis of $ for his stock. Feedback Check My Work Section 351(a) postpones gain or loss until the transferor-shareholder disposes of the stock in a taxable transaction. The postponement of shareholder gain or loss has a corollary effect on the basis of the stock received by the shareholder and the basis of the property received by the corporation