Jorge contributed land he held as an investment (fair market value $132,000; basis $57,250) and inventory (fair market value $108,000; basis $80,750) to ABC Corporation in exchange for 50 percent of the ABC stock (32 shares valued at $163,200) and $76,800 cash in a qualifying 351 exchange. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)

1. What amount of gain does Jorge recognize on the exchange? Find Land & Inventory

2. What is the character of the gain? Fine Land & Inventory

3. What would be Jorge's basis in his ABC stock after the exchange? Find Tax basis