Jeff will incorporate his bike shop:

	FMV	Tax Basis	Book Basis
Cash	$200,000	$200,000	$200,000
FFE	$125,000	$75,000	$85,000
Inventory	$250,000	$115,000	$115,000
Building	$500,000	$300,000	$250,000

Liabilities (Accounts Payable): $80,000

A: What is his realized gain/ loss?

B: What are his recognized gain/ loss without Section 351?

C: What are his recognized gain/ loss with Section 351?