Required information Problem 13-51 (LO 13-1) [The following information applies to the questions displayed below.] Jorge contributed land he held as an investment (fair market value $185,000; basis $68,750) and inventory (fair market value $95,250; basis $90,500) to ABC Corporation in exchange for 50 percent of the ABC stock (58 shares valued at $235,190) and $45,060 cash in a qualifying $351 exchange. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 13-51 Part a a-1. What amount of gain does Jorge recognize on the exchange? Answer is complete but not entirely correct. Land Inventory Gain recognized 29,475 X $ 15,315 X a-2. What is the character of the gain? Answer is complete and correct. Land Inventory Ordinary income Character of the gain Capital gain a-3. What would be Jorge's basis in his ABC stock after the exchange? Basis in the stock