[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 corporations stock. The property transferred to the corporation had the following fair market values and adjusted bases:

	FMV			Adjusted Basis
Inventory	$	17,250		$	13,200
Building		69,000			31,500
Land		152,000			80,000
Total	$	238,250		$	124,700

The fair market value of the corporations 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?

b. What is Ramon's basis in the stock he receives from the corporation?