Ivan incorporated his 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	$	10,800		$	21,500
Building		64,000			40,750
Land		83,000			47,000
Total	$	157,800		$	109,250

The fair market value of the corporations 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.)

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.)

c. What is Ivans 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.)