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 tax bases:

The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the

corporation by Ramon.

Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.

Required:

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 Ramon's basis in the stock received in the new corporation?

$ox$ Answer is complete but not entirely correct.

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