Ramon 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 adjusted bases:

FMV Adjusted Basis

Inventory $22,000 $5,900

Building 61,250 46,250

Land 164,000 82,000

Total $247,250 $134,150

What amount of gain or loss does Ramonrealizeon the transfer of the property to his corporation?

What amount of gain or loss does Ramonrecognizeon the transfer of the property to his corporation?

What is Ramon's basis in the stock he receives in his corporation?