Marie and Ethan form Roundtree Corporation with the transfer of the following. Marie performs personal services for the corporation with a fair market value of $94,800 in exchange for 400 shares of stock. Ethan contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $143,360; fair market value $179,200) in exchange for 1,600 shares. Determine Marie and Ethan's current income, gain, or loss and calculate the basis that each takes in the Roundtree stock.