Carla 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 values and adjusted bases:FMV Adjusted basisInventory $35,750 $10,100Building 153,000 106,500Land 291,750 375,000Total $480,500 $491,600The corporation also assumed a mortage of $153,750 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $320,750.Required:a. What amount of gain or loss does Carla realize on the transfer of the property to the corporation?b. What amount of gain or loss does Carla recognize on the transfer of the property to the corporation?c. What is Carla's basis in the stock she receives in her corporation?