5-26 Section 338: Basis Calculation. On January 1, 2021, P Corporation purchases from an unrelated person all the outstanding stock of S Corporation for $90,000. S's balance sheet on the purchase date is as follows: Cash ... Assets Accounts receivable. . Inventory (LIFO).. Equipment (accumulated depreciation of $10,000). Total assets Liabilities Accounts payable Equity... Total liabilities and equity. P properly elects 338. S's tax rate is 21 percent. Basis Fair Market Value $ 5,000 $ 5,000 20,000 20,000 20,000 40,000 30,000 45,000 $75,000 $110,000 $20,000 $ 20,000 55,000 90,000 $75,000 $110,000 a. What is the aggregate basis of S's assets after this transaction? b. What is the basis for each individual asset?