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hello I need help with the building calculation, I tried 136500, then 300000 and 120000 already, all wrong Zhang Incorporated her sole proprietorship by transferring
hello I need help with the building calculation, I tried 136500, then 300000 and 120000 already, all wrong
Zhang Incorporated her sole proprietorship by transferring Inventory, a bullding, and land to the corporation In return for 100 percent of the corporation's stock. The property transferred to the corporation had the following falr market values and adjusted bases: The corporation also assumed a mortgage of $100,000 attached to the bullding and land. The falr market value of the corporation's stock recelved In the exchange was $380,000. The transaction met the requirements to be tax-deferred under \$351. (Negatlve amount should be Indlcated by a minus sign. Leave no answer blank. Enter zero If applicable.) ssume the corporation assumed a mortgage of $580,000 attached to the bullding and land. Assume the falr market value of the Illding is now $300,000 and the falr market value of the land is $636,000. The falr market value of the stock remains $380,000. What is the corporation's adjusted basis in each of the assets recelved in the exchange? (Do not round Intermedlate calculations.)Step by Step Solution
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