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 $$1,500,000.$

Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

Problem $19-40$ Part g $($Algo$)$

g$.$ Suppose the corporation assumed a mortgage of $$1,700,000$ attached to the building and land. The fair market value of the building

is $$1,000,000$ and the fair market value of the land is $$2,120,000.$ The fair market value of the stock remains $$1,500,000.$

What is the corporation's adjusted tax basis in each of the assets received in the exchange?

Note: Do not round intermediate calculations.