Mara and Bob form Robin Corporation. Mara transfers property worth $420,000 with a basis of $150,000 for

María and Bob form Robin Corporation. María transfers property worth $420,000 with a basis of $150,000 for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $165,000 with a basis of $30,000 and legal services worth $15,000 in organizing the corporation.

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

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

c. What is Robin Corporation’s basis in the property and services it received from María and Bob?