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:

	FMV	Adjusted Tax Basis
Inventory	$ 26,250	$ 15,500
Building	165,000	128,750
Land	261,750	338,000
Total	$ 453,000	$ 482,250

The corporation also assumed a mortgage of $166,500 attached to the building and land. The fair market value of the corporations stock received in the exchange was $286,500.

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

Required:

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 Carla's basis in the stock received in the new corporation?