Jorge contributed land he held as an investment (fair market value $188,000; basis $58,250) and inventory (fair market value $90,000; basis $84,250) to ABC Corporation in exchange for 50 percent of the ABC stock (48 shares valued at $246,000) and $32,000 cash in a qualifying $351 exchange. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 13-51 Part a a-1. What amount of gain does Jorge recognize on the exchange? Land Inventory Gain recognized a-2. What is the character of the gain? Land Inventory Character of the gain b. Assume the same facts except that Jorge received $32,000 of business property from ABC instead of $32,000 cash. What is the amount and character of gain Jorge would recognize on the exchange? Land Inventory Gain recognized Character of the gain C. Assume the original facts in this example except that the inventory had an adjusted basis of $103,600 so that Jorge realized a $13,600 loss on the inventory (he still realized a $129,750 gain on the land). How much gain or loss would he recognize on the exchange? Land Inventory Gain recognized