Ivan incorporated his 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: Inventory Building Land Total FMV $ 16,400 94,000 67,000 $177,400 Adjusted Basis $ 39,500 48,750 35,750 $ 124,000 The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ivan. The transaction met the requirements to be tax-deferred under $351. a. What amount of gain or loss does Ivan realize on the transfer of the property to his corporation? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Gain or loss realized b. What amount of gain or loss does Ivan recognize on the transfer of the property to his corporation? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Gain or loss recognized c. What is Ivan's basis in the stock he receives in his corporation? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Tax basis d. What is the corporation's adjusted basis in each of the assets received in the exchange? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Inventory Building Land Adjusted basis e. Would the stock held by Ivan qualify as $1244 stock? Yes NO