! Required information [The following information applies to the questions displayed below.] Zhang incorporated her sole...

 

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! Required information [The following information applies to the questions displayed below.] 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: Inventory Building. Land Total The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $1,740,000. The transaction met the requirements to be tax-deferred under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Adjusted Tax Basis FMV $ 92,000 690,000 $ 46,000 460,000 1,380,000 1,058,000 $ 1,840,000 $ 1,886,000 Assume the corporation assumed a mortgage of $1,940,000 attached to the building and land. Assume the fair market value of the building is now $1,150,000 and the fair market value of the land is $2,438,000. The fair market value of the stock remains $1,740,000. g. What is the corporation's adjusted tax basis in each of the assets received in the exchange? (Do not round intermediate calculations.) Adjusted basis Inventory Building Land ! Required information [The following information applies to the questions displayed below.] 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: Inventory Building. Land Total The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $1,740,000. The transaction met the requirements to be tax-deferred under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Adjusted Tax Basis FMV $ 92,000 690,000 $ 46,000 460,000 1,380,000 1,058,000 $ 1,840,000 $ 1,886,000 Assume the corporation assumed a mortgage of $1,940,000 attached to the building and land. Assume the fair market value of the building is now $1,150,000 and the fair market value of the land is $2,438,000. The fair market value of the stock remains $1,740,000. g. What is the corporation's adjusted tax basis in each of the assets received in the exchange? (Do not round intermediate calculations.) Adjusted basis Inventory Building Land

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1 Recognization of any gain or loss 2 Aggregate tax basis 3 ... View the full answer