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Problem 18-32 (Algorithmic) (LO. 1, 2) Mara and Bob form Robin Corporation. Mara transfers property worth $267,500 (basis of $93,625) for 70 shares in Robin
Problem 18-32 (Algorithmic) (LO. 1, 2) Mara and Bob form Robin Corporation. Mara transfers property worth $267,500 (basis of $93,625) for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $107,000 (basis of $21,400) and for legal services (worth $10,700) 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? Mara recognizes of Bob recognizes of a capital gain ordinary income b. What basis do Mara and Bob have in the Robin Corporatida no gain or loss Mara has a basis of s and Bob has a basis of s a in the stock. c. What is Robin Corporation's basis in the property and services it received from Mara and Bob? in the property Maria transferred and a basis of s in the property Bob Robin Corporation has a basis of s transferred
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