Elliot Michaels transfers land and inventory to Zombi Corporation in return for 100 percent of its stock. The land has a fair market value of $150,000 and an adjusted basis of $80,000. The inventory has a fair market value of $50,000 and an adjusted basis $60,000. Elliot receives stock worth $170,000 and cash of $30,000. What is the amount of gain recognized by Elliot? $30,000 $20,000 $60,000 $22,500