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.

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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: EMV. Adjusted Basis Inventory$ 20,000 S 10,000 Building 150,000 Land 250,000 Total $420,000 S 410,000 100,000 The corporation also assumed a mortgage of S120,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $300,000. (Negaive amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) a. What amount of gain or loss does Carla realize on the transfer of the property to Answer is complete but not entirely correct. Fair market value of stock received s 300,000 Mortgage assumed by corporation Amount realized Adjusted basis of the property 120 420,000 410,000 transferred Gain realized S 10