Maria transfers property worth 272,500 with a basis of 95,375 for 70 shares in Robin corporation. Bob receives 30 shares for property worth 109,000 with a basis of 21,800 and legal service is worth 10,900 in organizing the corporation.

Maria and Bob form Robin Corporation. Maria transfers property worth $272,500 with a basls of $95,375 for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $109,000 with a basis of $21,800 and legal services worth $10,900 in organizing the corporation. If there is no gain or loss, enter " 0 " for the amount. a. What gain or income, if any, will the parties recognize on the transfer? Theck My Werk Section 351 is mandatory if a transaction satisfies the provision's requirements. The three cequirements for norirecognition of gain or loss under 351 are that (1) property is bansferrod (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 , and 86b has a basis of in the stock. c. What is Robin Corporation's basis in the property and services it received from Maria and Bob? Robin Corporation has a basis of Bob transferred. in the property Maria transferred and a basis of 4 in the property