Leno Hardware is owned and operated as a sole proprietorship by Larry Leno. The location is excellent, and he is approached by a buyer, Hard Bargains Inc., a national chain of hardware stores. What are the tax consequences in the following situations?

a. Larry sells the store for cash.

b. Larry sells the store for marketable stock in Hard Bargains.

c. Larry incorporates the store and exchanges the stock for shares in Hard Bargains.

d. Same as (c), but Larry incorporated his hardware store two years earlier.