d. What is the corporations adjusted tax basis in each of the assets received in the exchange?

Assume the corporation assumed a mortgage of $2,100,000 attached to the building and land. Assume the fair market value of the building is now $1,250,000 and the fair market value of the land is $2,650,000. The fair market value of the stock remains $1,900,000. e. How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts?

Assume the corporation assumed a mortgage of $2,100,000 attached to the building and land. Assume the fair market value of the building is now $1,250,000 and the fair market value of the land is $2,650,000. The fair market value of the stock remains $1,900,000.

g. What is the corporations adjusted tax basis in each of the assets received in the exchange?

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 $1,900,000. 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 19-40 Part c (Algo) c. What is Zhang's tax basis in the stock she receives in the exchange