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 bases: FMV Adjusted 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.