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 corporations stock. The property transferred to the corporation had the following fair market values and adjusted bases:

	FMV			Adjusted Basis
Inventory	$	80,000		$	40,000
Building		600,000			400,000
Land		920,000			1,200,000
Total	$	1,600,000		$	1,640,000

The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of the corporations stock received in the exchange was $1,500,000. The transaction met the requirements to be tax-deferred under 351. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.)

QUESTION:

Assume the corporation assumed a mortgage of $1,700,000 attached to the building and land. Assume the fair market value of the building is now $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.

g. What is the corporations adjusted basis in each of the assets received in the exchange? (Do not round intermediate calculations.)

	Inventory	Building	Land
Adjusted basis

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 bases Adjusted FMV Basis Inventory$ 80,000 40,000 400,000 920,000 1,200,000 $1,600,000 $1,640,000 Building 600,000 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 $1,500,000. The transaction met the requirements to be tax deferred under 351. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume the corporation assumed a mortgage of $1,700,000 attached to the building and land. Assume the fair market value of the building is now $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 g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermediate calculations.) Inventory Building Land Adjusted basis