Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporations stock. The property transferred to the corporation had the following fair market values and adjusted tax bases:

	FMV	Adjusted Tax Basis
Inventory	$ 25,750	$ 8,200
Building	71,000	50,750
Land	183,000	82,500
Total	$ 279,750	$ 141,450

The fair market value of the corporations stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.)

a. What amount of gain or loss does Ramon realize on the transfer of the property to his corporation?

[The following information applies to the questions displayed below.] Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporations stock. The property transferred to the corporation had the following fair market values and adjusted tax bases:

	FMV	Adjusted Tax Basis
Inventory	$ 25,750	$ 8,200
Building	71,000	50,750
Land	183,000	82,500
Total	$ 279,750	$ 141,450

The fair market value of the corporations stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.)

b. What amount of gain or loss does Ramon recognize on the transfer of the property to his corporation?

[The following information applies to the questions displayed below.] Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporations stock. The property transferred to the corporation had the following fair market values and adjusted tax bases:

	FMV	Adjusted Tax Basis
Inventory	$ 25,750	$ 8,200
Building	71,000	50,750
Land	183,000	82,500
Total	$ 279,750	$ 141,450

The fair market value of the corporations stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.)

c. What is Ramons basis in the stock he receives in his corporation?