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 tax bases: Adjusted Tax Basis Inventory $ 33,500 $ 9,300 Building 54,000 30,250 Land 198,000 87,000 Total $ 285,500 $ 126,550 FMV 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? Answer is complete but not entirely correct. Gain or loss realized $ 108,950