Carla incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporations stock. The property transferred to the corporation had the following fair market values and adjusted bases:

	FMV			Adjusted Basis
Inventory	$	27,250		$	12,500
Building		180,000			113,250
Land		304,500			316,000
Total	$	511,750		$	441,750

The corporation also assumed a mortgage of $188,250 attached to the building and land. The fair market value of the corporations stock received in the exchange was $323,500 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 her corporation? What is Carlas basis in the stock she receives in her corporation?