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	$ 135,000	$ 71,500
Building	166,500	288,000
Land	200,250	163,750
Total	$ 501,750	$ 523,250

The fair market value of the corporation's stock received in the exchange was $501,750. 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 corporation's adjusted basis in each of the assets received in the exchange?