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 tax bases:

FMV Adjusted Tax Basis

Inventory $ $10,000$ $ $15,000$

Building $50,00040,000$

Land $60,00030,000$

Total $ $120,000$ $ $85,000$

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 $351.$

Required:

What amount of gain or loss does Ivan realize on the transfer of the property to the corporation?

What amount of gain or loss does Ivan recognize on the transfer of the property to the corporation?

What is Ivan's basis in the stock received in the new corporation?

What is the corporation's tax basis in each of the assets received in the exchange?