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...

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Extracted text: 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 of $ and Bob recognizes of $ and has of $ b. What basis do Ann and Bob have in the Robin Corporation stock? Ann 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 Ann and Bob? Robin Corporation has a basis of $ in the property Ann transferred and a basis of $ in the property Bob transferred.