Ann and Bob form Robin Corporation. Ann transfers property worth $420,000 (basis of $150,000) for 7 share in Robin Corporation. Bob receives 30 shares for property worth $ 165,000 (basis of $30,000) and for legal services (worth $ 15,000) in organizing the corporation.

1. What gain or income, if any, will the parties recognize on the transfer?

Ann recognizes (ordinary income or gain) of ______. Bob recognizes (ordinary income or gain) of ______.

2. What basis do Ann and Bob have in the stock in Robin Coportation?

Ann has a basis of ______, while Bob has a basis of ______ in the stock.

3. What is Robin Corportaion's basis in the property and services it received form Ann and Bob?

Robin Corportaion has a basis of ______ in the property Ann transferred and a basis of _____ in the property Bob transferred.