Robin, Marc, and Pete form Knights Consulting Corporation with the following consideration: Adjusted Fair Market Basis Value From Robin Cash $40,000 $40,000 Inventory 400,000 440.000 From Marc Land and building 200,000 260,000 From Pete- -0- 80,000 Legal and management services Knights Consulting Corporation issues 2.000 shares of stock as follows: 1.200 to Robin, 600 to Marc, and 200 to Pete. In addition, Marc receives $20,000 in cash from Knights. Each share of stock is worth $400 per share. Do Robin, Marc or Pete each recognize gain or loss for income)? If yes, how much do each recognize, if any? Knights Consulting Corporation issues 2,000 shares of stock as follows: 1.200 to Robin, 600 to Marc, and 200 to Pete. In addition, Marc receives $20,000 in cash from Knights. Each share of stock is worth $400 per share. Do Robin, Marc or Pete each recognize gain or loss (or income)? If yes, how much do each recognize, if any? b. What tax basis do Robin, Marc and Pete each have in their Knights Consulting Corporation stock received? Robin, Marc, and Pete form Knights Consulting Corporation with the following consideration: Adjusted Fair Market Basis Value From Robin Cash $40,000 $40,000 Inventory 400,000 440.000 From Marc Land and building 200,000 260,000 From Pete- -0- 80,000 Legal and management services Knights Consulting Corporation issues 2.000 shares of stock as follows: 1.200 to Robin, 600 to Marc, and 200 to Pete. In addition, Marc receives $20,000 in cash from Knights. Each share of stock is worth $400 per share. Do Robin, Marc or Pete each recognize gain or loss for income)? If yes, how much do each recognize, if any? Knights Consulting Corporation issues 2,000 shares of stock as follows: 1.200 to Robin, 600 to Marc, and 200 to Pete. In addition, Marc receives $20,000 in cash from Knights. Each share of stock is worth $400 per share. Do Robin, Marc or Pete each recognize gain or loss (or income)? If yes, how much do each recognize, if any? b. What tax basis do Robin, Marc and Pete each have in their Knights Consulting Corporation stock received