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?

Mar$$a recognizes no gain or loss $$ of $ $.$ Bob recognizes ordinary income $$ of $$

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Section $351$ is mandatory if a transaction satisfies the provision's requirements. The three requirements for nonrecognition of gain or loss $351$ are that $(1)$ property is transferred $(2)$ in exchange for stock and $(3)$ the property transferors are in control of the corporation after th exchange.

b$.$ What basis do Mar$$a and Bob have in the Robin Corporation stock?

Mar$$a has a basis of $ $,$ and Bob has a basis of : $$ in the stock.

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Incorrect

c$.$ What is Robin Corporation's basis in the property and services it received from Mar$$a and Bob?

Robin Corporation has a basis of $ $$ in the property Mar$$a transferred and a basis of $ $$ in the property Bob transferred.