Kevin incorporates his sole proprietorship as Great Corporation and transfers its assets to Great in exchange for all 100 shares of Great stock and five $10,000 interest-bearing notes. The stock has a(n) $105,000 FMV. The notes mature consecutively on the first five anniversaries of the incorporation date. The assets transferred are as follows: (Click the icon to view the asset information.) Read the requirements Requirement a. What are the amounts and character of Kevin's recognized gains or losses? Complete the table to determine the amount and character of Kevin's recognized gain or loss for each asset type. If an asset does not have a gain or loss, select "NIA" for the character type. (Round the percentages to the nearest whole perc and dollar amounts to the nearest whole dollar. Use parentheses or a minus sign for losses. Complete all answer boxes. For amounts with a $0 balance, make sure to enter "O" in the appropriate cell.) Cash Equipment Building Land i Asset information % % % % % Asset's FMV Percent of total FMV Consideration received in exchange for asset: Stock Adjusted Assets Basis FMV Notes Total proceeds Cash S 6.200 $ 6,200 Minus: Adjusted basis $ 125,000 (85,000 40.000 80,600 Equipment Minus: Accumulated depreciation Building Minus: Accumulated depreciation Land Realized gain (loss) Boot received Recognized gain (loss) Character of gain (loss) $ 90,000 (60,000) 30.000 48.800 41,850 26,350 $ 125,000 $ 155,000 Total Requirement b. What is Kevin's basis in the Great stock and notes? Begin by determining the adjusted basis of the stock. (If a box is not used in the table leave the box empty; do not selecta Print Done Adjusted basis of property transferred to the corporation Plus: Requirement b. What is Kevin's basis in the Great stock and notes? Begin by determining the adjusted basis of the stock. (If a box is not used in the table leave the box empty; do not select a label or i Adjusted basis of property transferred to the corporation Asset information Plus: Adjusted Minus: Assets Basis FMV Cash $ 6,200 $ 6,200 Adjusted basis of stock received Equipment $ 125,000 (85,000) Kevin's basis in the notes is $ Minus: Accumulated depreciation 40,000 80,600 Building Requirement c. What is Great's basis in the property received from Kevin? (Complete all answer boxes. For amounts with a $0 ba $ 90,000 (60,000) Minus: Accumulated depreciation Cash Equipment Building Land 30,000 48,800 41,850 26,350 Land Transferor's adjusted basis in property transferred to the corporation $ 125,000 $ 155,000 Plus: Total Minus: Print Done Transferee corporation's basis in property