Problem 4-33 (LO. 1, 3) Ann and Bob form Robin Corporation. Ann 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? Ann recognizes a gain of $ 270,000 and Bob recognizes a gain 12,000 and has compensation income of s 165,000 of $ b. What basis do Ann and Bob have in the Robin Corporation stock? Ann has a basis of $ 420,000 while Bob has a basis of $ 3,000 in the stock.