Mara and Bob form Robin Corporation. Mara transfers property worth $137,500 with a basis of $48,125 for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $55,000 with a basis of $11,000 and legal services worth $5,500 in organizing the corporation.

If there is no gain or loss, enter "0" for the amount.

Question Content Area

a. What gain or income, if any, will the parties recognize on the transfer? Mara recognizes of [$ ] . Bob recognizes of [$ ]. Question Content Area

b. What basis do Mara and Bob have in the Robin Corporation stock? Mara has a basis of [$ ] , and Bob has a basis of [$ ] in the stock. Question Content Area

c. What is Robin Corporation's basis in the property and services it received from Mara and Bob? Robin Corporation has a basis of [$ ] in the property Mara transferred and a basis of [$ ] in the property Bob transferred.