Zhang incorporated her 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 $32,000 $16,000 Building $240,000 $160,000 Land $368,000 $480,000 Total $640,000 $656,000 Assume the corporation assumed a mortgage of $740,000 attached to the building and land. Assume the fair market vale of the building is now $400,000 and the fair market value of the land is $848,000. The fair market value of the stock remains $540,000. How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts?

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