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	36,000	18,000
Building	270,000	180,000
Land	414,000	540,000
Total	720,000	738,000

The corporation also assumed a mortgage (liability) of $100,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $620,000. The transaction met the requirements to be tax-deferred under 351.

Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

Required:

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

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