Required information The following information applies to the questions displayed below Carla incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return fo 100 percent of the corpo and tax bases: ration's stock. The property transferred to the corporation had the following fair market values Tax Basis FMV ded Inventory Building Land Total S 30,750 16,300 228,00 168,750 344,000 $531,500 $529, 050 272, 750 The corporation also assumed a mortgage of $135,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $396,500. (Any answer representing a loss should be entered as a negative number. Leave no answer blank. Enter zero if applicable.) b. What amount of gain or loss does Carla recognize on the transfer of the property to her corporation? KPrey5 30 Next >