Zhang incorporated her 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:

	FMV	Adjusted Tax Basis
Inventory	$ 28,000	$ 14,000
Building	210,000	140,000
Land	322,000	420,000
Total	$ 560,000	$ 574,000

The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $460,000. The transaction met the requirements to be tax-deferred under 351.

a. What amount of gain or loss does Zhang realize on the transfer of the property to the corporation?

b. What amount of gain or loss does Zhang recognize on the transfer of the property to the corporation?

c. What is Zhangs tax basis in the stock received in the exchange?