Required information {The following information applies to the questions displayed below) Ramon 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 bases: Adjusted FMV Basis Inventory $ 20,750 $ 6,000 Building 52,000 45,250 Land 111,000 57,000 Total $183,750 $ 108,250 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 Ramon (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) a. What amount of gain or loss does Ramon realize on the transfer of the property to his corporation? Gain or loss realized "Required'information [The following information applies to the questions displayed below.] Ramon 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 bases: Adjusted FMV Basis Inventory $ 20,750 $ 6,000 Building 52,800 45,25 Land 111,000 57,000 Total $183,750 $ 108,250 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 Ramon (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) b. What amount of gain or loss does Ramon recognize on the transfer of the property to his corporation? Gain or loss recognized Requiru HILIUI The following information applies to the questions displayed below) Ramon 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 bases: Adjusted FMV Basis Inventory $ 20,750 $ 6,000 Building 52,000 45,250 Land 111,000 57,000 Total $183,750 $ 108,250 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 Ramon (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) c. What is Ramon's basis in the stock he receives in his corporation? Tax basis