Problem 1 8 - 3 2 ( Algorithmic ) ( LO . 1 , 2 ) Mar
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Problem AlgorithmicLO
Mara and Bob form Robin Corporation. Mara transfers property worth $basis of $ for shares in
Robin Corporation. Bob receives shares for property worth $basis of $ and for legal services
worth $ in organizing the corporation.
If there is no gain or loss, enter for the amount.
a What gain or income, if any, will the parties recognize on the transfer?
Mara recognizes
of $
Bob recognizes
of $
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.
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 Maria transferred and a basis of $
in the property Bob transferred.Problem AlgorithmicLO
Mara and Bob form Robin Corporation. Mara transfers property worth $basis of $ for shares in Robin Corporation. Bob receives shares for property worth $basis of $ and for legal services worth $ in organizing the corporation.
If there is no gain or loss, enter for the amount.
Question Content Area
a What gain or income, if any, will the parties recognize on the transfer?
Mara recognizes
of $fill in the blank dfebfc
Bob recognizes
of $fill in the blank dfebfc
Question Content Area
b What basis do Mara and Bob have in the Robin Corporation stock?
Mara has a basis of $fill in the blank cbfb
and Bob has a basis of $fill in the blank cbfb
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 $fill in the blank bcebfdf
in the property Mara transferred and a basis of $fill in the blank bcebfdf
in the property Bob transferred.
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