problem 08-40 (LO 08-2) (Algo) part D

Saved Chapter 8 Homework i Required information Problem 08-40 (LO 08-2) (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: Adjusted Tax Basis Inventory Building Land FMV $ 28,000 210,000 322,000 $ 560,000 $ 14,000 140,000 420,000 $ 574,000 Total S 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 $460,000. 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 08-40 Part d (Algo) d. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Inventory Building Land Adjusted basis