Required information [The following information applies to the questions displayed below.] Jorge contributed land he held as an investment (fair market value $120,000; adjusted tax basis $55,000) and inventory (fair market value $80,000; adjusted tax 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. Negative amounts should be indicated by a minus sign.) a. What amount of gain does Jorge recognize on the exchange? What is the charact the gain? What would be Jorge's tax basis in his ABC stock after the exchange? Gain recognized on the Land Gain recognized on the inventory Jorge's adjusted tax basis in the stock