! Required information [The following information applies to the questions displayed below.] Ivan 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: (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Adjusted Tax Inventory Building Land FMV $ 10,000 Basis $ 15,000 50,000 60,000 40,000 30,000 $ 120,000 $ 85,000 Total 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 Ivan. The transaction met the requirements to be tax-deferred under 351. a. What amount of gain or loss does Ivan realize on the transfer of the property to his corporation? Gain or loss realized