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 bases:

FMV Adjusted Basis

Inventory $ 21,000 $ 11,300

Building 198,000 172,500

Land 267,000 364,000

Total $ 486,000 $ 547,800

The corporation also assumed a mortgage of $125,250 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $360,750.

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

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

What is Carla's basis in the stock she receives in her corporation?