Phillip 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 $ 100,000 $ 50,000 Building 100,000 250,000 Land 200,000 150,000 Total 400,000 $ 450,000 The fair market value of the corporation's stock received in the exchange was $400,000. The transaction met the requirements to be tax-deferred under $351. a. What amount of net gain or loss does Phillip realize on the transfer of the property to his corporation? b. What amount of gain or loss does Phillip recognize on the transfer of the property to his corporation? c. What is the corporationis adjusted basis in each of the assets received in the exchange