Maria and Bob form Robin Corporation. Maria transfers property worth $217,500 (basis of $76,125) for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $87,000 (basis of $17,400) and for legal services (worth $8,700) in organizing the corporation. If there is no gain or loss, enter "O" for the amount. a. What gain or income, if any, will the parties recognize on the transfer? Maria recognizes no gain or loss of S 0.Bob recognizes a capital gain X of $ 8,700 V Feedback Check My Wo Section 351 is mandatory if a transaction satisfies the provision's requirements. The three requirements for nonrecognition of gain or loss under 5 351 are that (1) property is transferred (2) in exchange for stock and (3) the property transferors are in control of the corporation after the exchange. b. What basis do Maria and Bob have in the Robin Corporation stock? Maria has a basis of 70,000 X, and Bob has a basis of $ 26,100 in the stock.