Problem 4-33 (LO. 1, 2) Maria and Bob form Robin Corporation. Maria transfers property worth $420,000 (basis of $150,000) for 70 shares in Robin Corporation. Bob receives 30 shares for property worth $15,000 (basis of $3,000) and for legal services (worth $165,000) in organizing the corporation, a. What gain or income, if any, will the parties recognize on the transfer? Maria recognizes a gain of 15,000 X and Bob recognizes a gain of and has compensation income of b. What basis do Maria and Bob have in the Robin Corporation stock? Maria has a basis of while 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 s in the property Maria transferred and a basis of in the property Bob transferred. Feedback Check My World Immediately after the exchange, the property transferors must control the corporation Control can apply to a single person or to several taxpayers if they are all parties to an integrated transaction. A person who receives stock in exchange for services and for property transferred may be treated as a member of the transferring group for purposes of the control test