Ann and Bob form Robin Corporation. Ann transfers property worth $420,000 (basis of $150,000) for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $15,000 (basis of $3,000) and for legal services (worth $165,000) in organizing the corporation.

What gain or income, if any, will the parties recognize on the transfer? Ann recognizes a gain of $______ and Bob recognizes a gain of $_____ and compensation income of $______.

What basis do Ann and Bob have in the Robin Corporation stock? Ann has a basis of $_____, while Bob has a basis of $_______ in the stock.

What is Robin Corporation's basis in the property and services it received from Ann and Bob? Robin Corporation has a basis of $______ in the property Ann transferred and a basis of $_______ in the property Bob transferred.