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Yvonne and Simon form Ion Corporation. Yvonne transfers equipment with a basis of $423,800 and...

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Accounting

Yvonne and Simon form Ion Corporation. Yvonne transfers equipment with a basis of $423,800 and fair market value of $635,700 to Ion Corporation. Simon invests $508,560 of cash. They each receive 100 shares in Ion Corporation worth $508,560, but Yvonne also receives $127,140 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.

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