Costner's legal adviser, Mary, convinces him to form a small corporation with her that makes replacement parts for the centrifuge equipment. Mary and Costner form a company called Clean Ocean Parts Corporation. They both transfer property to this new company. a. Calculate what gain, if any, Costner and Mary will recognize on the transfer of property for stock in Clean Ocean Parts Corporation. b. What basis do Costner and Mary have in the Clean Ocean Parts Corporation? c. What is Clean Ocean Parts Corporations basis in the property and services it received from them? d. Use data from the following transactions to answer these questions. Costner transfers property worth $420,000 (basis of $150,000) for 70 shares of stock in Clean Ocean Parts Corporation. Mary's services are worth $15,000. She receives 30 shares for property worth $165,000 (basis of $30,000) and for legal services in organizing the corporation. For additional details, please refer to the Clean Ocean Parts Team Project Rubric document in the Assignment Guidelines and Rubrics section of the course. Note: You will also download and fill out the group evaluation form when this assignment is completed. The feedback provided by your team members will affect your grade under the Teamwork critical element in the rubric.