van 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	$	16,500		$	26,250
Building		60,000			56,750
Land		62,750			51,000
Total	$	139,250		$	134,000

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 Ivan. The transaction met the requirements to be tax-deferred under 351. What amount of gain or loss does Ivan realize on the transfer of the property to his corporation What amount of gain or loss does Ivan recognize on the transfer of the property to his corporation? What is Ivans basis in the stock he receives in his corporation? What is the corporations adjusted basis in each of the assets received in the exchange?