Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $331,400 and fair market value of $497,100). Simon invests $397,680 of cash. They each receive 100 shares in Ion Corporation, worth $397,680, but Yvonne also receives $99,420 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 $ in the equipment.

Yvonne has a basis of $ for her stock and

Simon has a basis of $ for his stock.