Francine 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 tax-adjusted bases. Inventory Building Land Total FMV $ 30,000 130,000 50,000 $210,000 Adjusted tax basis $ 10,000 80,000 100,000 $190,000 The corporation also assumed a mortgage of $60,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $150,000. a. What amount of gain or loss does Francine realize on the transfer of the property to her corporation? b. What amount of gain or loss does Francine recognize on the transfer of the property to her corporation? c. What is Francine's adjusted tax basis in the stock she receives in her corporation? Note: Please provide detailed answers with explanation and/or show calculations. Answers without sufficient explanation/calculations will not receive credit