34000 was not the answer for number 1.)

and i am not sure how i had to solve number 2.)

please help

O out of 1 points Question 1 Ivan 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 Bois Inventory Building Land Total $ 10,000 50,000 60.000 $120.000 $ 16,000 40,000 30 000 $86 000 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 ivan. The transaction met the requirements to be tax deferred under 5351 What amount of gain or loss does Ivan recognize on the transfer of the property to her corporation? Selected Answer: 34000 Question 2 O out of 1 points Based upon the facts in the prior question, what is Ivan's basis in the stock he receives in his corporation? Selected Answer: [None Given)