! Required information [The following information applies to the questions displayed below.] Jorge contributed land he held as an investment (fair market value $120,000; basis $55,000) and inventory (fair market value $80,000; basis $75,000) to ABC Corporation in exchange for 50 percent of the ABC stock (50 shares valued at $160,000) and $40,000 cash in a qualifying $351 exchange. (Leave no answer blank. Enter zero if applicable.) c. Assume the original facts in this example except that the inventory had an adjusted basis of $90,000 so that Jorge realized a $10,000 loss on the inventory (he still realized a $65,000 gain on the land). How much gain or loss would he recognize on the exchange? X Answer is complete but not entirely correct. Gain recognized on the Land $ 0 x Exchange gain No Gain Gain recognized on the inventory $ 0