answer a and b

4. Michael 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 values and tax-adjusted bases. 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 Michael. a. What amount of gain or loss does Michael realize on the transfer of the property to his corporation? b. What amount of gain or loss does Michael recognize on the transfer of the property to his corporation