Need to be able to calculate adjusted tax basis in part two.

Problem - 20 point section Answer the following questions from the information provided: Benny receives 40 shares of Cougar Corporation Stock with a fair value of $540,000 plus $60,000 cash in exchange for his transfer of inventory, a building, and land to Cougar. Assume the rules of $351 were met and all property is free of liabilities. The property transferred to the corporation had the following fair market value and adjusted bases: FMV Adjusted Basis Gain Realized Inventory $70,000 $65.000 $5.000 Building $380.000 $330.000 $50.000 Land $150,000 $105,000 $45,000 Total $600,000 $500.000 $100,000 1. What is Benny's recognized gain on this transfer? (6 points) 2. What is Benny's adjusted tax basis in the Cougar Stock after the transfer? Show your calculations! (7 points) (Hint: My chapter 8 notes has the calculation) 3. What is Henny's adjusted tax basis in the land after the transfer? (7 points)