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	$	17,000		$	6,300
Building		72,250			48,000
Land		155,000			90,500
Total	$	244,250		$	144,800

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

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

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

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