Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market value and adjusted basis

___________________FMV______Adjusted Basis

Inventory............$ 10,000...............$ 4,000

Building..................50,000...................30,000

Land....................100,000...................50,000

Total.................$ 160,000................$ 84,000

The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon.

a. What amount of gain or loss does Ramon realize on the transfer of the property to his corporation?

b. What amount of gain or loss does Ramon recognize on the transfer of the property to his corporation?

c. What is Ramon's basis in the stock he receives in his corporation?