Kristine transferred investment property she has owned for six years to XYZ Corporation in exchange for 40 percent of the corporation's stock (40 shares valued at $160,000) at the time XYZ was incorporated. The property's adjusted tax basis was $90,000 and its fair market value was $160,000. Assume the transfer qualifies under 351.

a. What gain or loss does Kristine recognize on the transfer?

b. What is her basis in the stock she received in the exchange?

c. What is her holding period in the stock?