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 b b. Assume the same facts except that Jorge received $45,060 of business property from ABC instead of $45,060 cash. What is the amount and character of gain Jorge would recognize on the exchange? Land Inventory Gain recognized Character of the gain