Zhao incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100% of the corporation's stock. The property transferred to the corporation had the following fair market values and tax-adjusted bases:

	FMV	Adjusted Basis
Inventory	$80,000	$40,000
Building	100,000	120,000
Land	200,000	150,000
Total	$380,000	$310,000

The corporation also assumed a mortgage of $50,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $330,000.

What amount of gain or loss does Zhao realize on the transfer of the property to her corporation?

What amount of gain or loss does Zhao recognize on the transfer of the property to her corporation?

What is the corporation's adjusted basis in each of the assets received in the exchange?