Ann and Bob form Robin Corporation, Ann transfers property worth $360,000 (basis of $126

Ann and Bob form Robin Corporation, Ann transfers property worth $360,000 (basis of $126.000) for 70 shares in Robin Corporation Bob receives 30 shares for property worth $144,000 (basis of $28.800) and for legal services (worth $14,400) in organizing the corporation If there is no gain or loss, enter "O" for the amount. a. What gain or income, if any, will the parties recognize on the transfer Ann recognizes no gain or loss of Bob recognizes ordinary income of b. What a do Ann and Bob have in the Rabin Corporation stock? Ann has a basis of and Bob has a basis of in the stock
b. What basis do Ann and Bob have in the Robin Corporation stock? Ann has a basis of and Bob has a basis of s in the stock OM c. What is Robin Corporations basis in the property and services it received from Ann and Bob? Robin Corporation has a basis of transferred in the property Ann transferred and a basis of in the property Bob