Ann, and Irene incorporate their respective businesses and form Dove Corporation on March 3, 2008. Later, Bob transfers property for stock in Dove Corporation. Ann, Irene, and Bob are the only shareholders in Dove Corporation. -Ann exchanges her property (basis of $100,000 and fair market value of $400,000) for 280 shares in Dove Corp. on March 3, 2008. the property transferred by Ann is subject to a liability of $120,000 which is assumed by Dove Corp. There was a bona-fide business purpose for the liability (i.e. exception 1 does not apply.) -Irene exchanges her property (basis of $140,000 and fair market value of $600,000) for 600 shares in Dove Corp. on March 4, 2008. -Bob transfers a business building (basis of $1,050,000 and a fair market value of $1,000,000) for 1000 shares in Dove Corp. on December 18, 2010. Bobs transfer is not part of a prearranged plan with Ann and Irene to incorporate their businesses.

1. What gain or loss, if any, will Bob recognize on the transfer?

2. What gain or loss, if any, will Ann recognize on the transfer?

3. What gain or loss, if any, will Irene recognize on the transfer?

4. What is Bob's basis in his stock?

5. What is Ann's basis in her stock?

6. What is Irene's basis in her stock?