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In general, no gain or loss are recognized to transferors - On transfer of ( ) to corporation - In exchange for ( ) - If immediately after transfer,...
$270,000
9. 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 $165,000 (basis of $30,000) and for legal services (worth $15,000) in organizing
the corporation.
(1) What gain or income, will the parties recognize on the transfer?
(2) What basis do Ann and Bob have in the stock in Robin Corporation?
Ann:
Bob:
(3) What is Robin Corporation's basis in the property and services it received from Ann
and Bob?