Tax II Please Answer question #3

Answer #6

Answer #7 please

Out Of points Ivan incorporated his 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 value and adjusted basis. FMV Adjusted Basis Inventory Building Land Total $ 10,000 50.000 60.000 $120,000 $ 13,000 40,000 30.000 $83,000 The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ivan. The transaction met the requirements to be tax-deferred under $351. What amount of gain or loss does Ivan recognize on the transfer of the property to her corporation? Question 3 Based upon the facts in the first question, what is the corporation's adjusted basis in the inventory received in the exchange? 2 out of 2 points 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 value and adjusted basis. EMV Adjusted Basis Inventory $ 20,000 $ 12,000 Building 150,000 100,000 Land 230,000 300.000 Total $ 400,000 $ 412.000 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 $300,000. The transaction met the requirements to be tax-deferred under $351. What amount of gain or loss does Zhang recognize on the transfer of the property to her corporation? Selected Answer: 0 Question 6 Based on the facts in the two prior questions, what is the corporation's adjusted basis in the land received in the exchange? Selected in nanna Question 7 O out of 2 points 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 value and adjusted basis. FMV Adjusted Basis Inventory Building Land Total $ 12.000 100,000 $ 20,000 250,000 530,000 $ 800.000 _300.000 $ 412,000 The corporation also assumed a mortgage of $500,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $300,000. The transaction met the requirements to be tax.deferred under $351. What amount of gain or loss does Zhang recognize on the transfer of the property to her corporation