Maria and Bob form Robin Corporation. Maria 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.

a$.$ What gain or income, if any, will the parties recognize on the transfer?

Maria recognizes a gain

of s

$15,000$

X and Bob recognizes a gain

of

and has

compensation income

of

b$.$ What basis do Maria and Bob have in the Robin Corporation stock?

Maria 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 Maria and Bob?

Robin Corporation has a basis of transferred. in the property Maria transferred and a basis of in the property Bob