Leslie incorporated her 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 tax basis

Inventory $ $120,000$ $ $67,000$

Building $136,500297,750$

Land $215,250163,500$

Total $ $471,750$ $ $528,250$

The fair market value of the corporation's stock received in the exchange was $$471,750.$ The

transaction met the requirements to be tax$-$deferred under $351.$

a$.$ What amount of net gain or loss does Leslie realize on the transfer of the property to his

corporation?

b$.$ What amount of gain or loss does Leslie recognize on the transfer of the property to his

corporation?

c$.$ What is the corporation's adjusted tax basis in each of the assets received in the exchange?