Carla incorporated her 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 adjusted tax bases:

The corporation also assumed a mortgage of $$120,000$ attached to the building and land. The fair market value of the corporation's

stock received in the exchange was $$300,000.$

Note: Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

Required:

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

b$.$ What amount of gain or loss does Carla recognize on the transfer of the property to her corporation?

c$.$ What is Carla's basis in the stock received in the new corporation?

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