Keegan 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 tax-adjusted bases.

FMV

Adjusted basis

Inventory

$20,000

$14,000

Building

70,000

50,000

Land

150,000

100,000

Total

$240,000

$164,000

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 Keegan.

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