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Ramon incorporated his 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:
\begin{tabular}{lrr}
& & Adjusted Tax \\
& \multicolumn{1}{c}{ FMV } & Basis \\
Inventory & \( \$ 21,500 \) & \( \$ 9,200 \) \\
Building & 54,750 & 47,000 \\
Land & 139,000 & 69,000 \\
\cline { 2 - 3 } Total & \( \$ 215,250 \) & \( \$ 125,200 \) \\
\hline \hline
\end{tabular}
The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ramon.
Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.
a. What amount of gain or loss does Ramon realize on the transfer of the property to his corporation?
Gain or loss realized
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