Problem $4-32($Algorithmic$)($LO$.1,2)$

Maria and Bob form Robin Corporation. Maria transfers property worth $$167,500$ with a basis of $$58,625$ for $70$ shares in Robin Corporation. Bob receives $30$ shares for property worth $$67,000$ with a basis of $$13,400$ and legal services worth $$6,700$ 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?

Maria recognizes. of $

Bob recognizes of $

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

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

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

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