Jorge contributed land he held as an investment (fair market value $148,000; basis $62,500) and inventory (fair market value $115,000; basis $96,750) to ABC Corporation in exchange for 50 percent of the ABC stock (38 shares valued at $190,000) and $73,000 cash in a qualifying 351 exchange.

a.1. What amount of gain does Jorge recognize on the exchange? (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)

a.2. What is the character of the gain?

a.3. What would be Jorge's basis in his ABC stock after the exchange? (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)

b. Assume the same facts except that Jorge received $73,000 of business property from ABC instead of $73,000 cash. What is the amount and character of gain Jorge would recognize on the exchange? (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)

c. Assume the original facts in this example except that the inventory had an adjusted basis of $126,500 so that Jorge realized a $11,500 loss on the inventory (he still realized a $85,500 gain on the land). How much gain or loss would he recognize on the exchange? (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)