Question: Please answer the above question. The below is an incorrect answer given. Required information Problem 19-40 (LO 19-2) (Algo) [The following information applies to the

Please answer the above question. The below is an

Please answer the above question. The below is an incorrect answer given.

Required information Problem 19-40 (LO 19-2) (Algo) [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: 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 $1,340,000. 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.) Problem 19-40 Part g (Algo) Assume the corporation assumed a mortgage of $1,540,000 attached to the building and land. Assume the fair market value of the building is now $900,000 and the fair market value of the land is $1,908,000. The fair market value of the stock remains $1,340,000. g. What is the corporation's adjusted tax basis in each of the assets received in the exchange? (Do not round intermediate calculations.)

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