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 bases: Inventory Building Land Total FMV $ 11,400 97,500 70,500 $179,400 Adjusted Basis $ 16,250 58,250 33,500 $108, eee The fair market value of the stock Ivan received in the exchange equaled the total fair market value of all of the assets that Ivan transferred to the corporation. The transaction met the requirements of a tax-deferred exchange under $351. b. What amount of gain or loss does Ivan recognize on the transfer of the property to his corporation? (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Gain or loss recognized