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: Adjusted Tax Basis Inventory Building Land Total FMV $ 68,000 510,000 782,000 $ 34,000 340,000 1,020,000 $ 1,360,000 $ 1,394,000 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 $1,260,000. 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 Zhang's tax basis in the stock received in the exchange? Complete this question by entering your answers in the tabs below. Required A Required B