Phillip incorported his sole proprietorship by tansferring 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. mer ur 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 Philip realize on the transfer of the property to amount of aainoriloss cos phe c. What is the corporation's adjusted basis in each of the assets received in the property to his corporation? Eot Viw insart format Tools Table