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hi only need f) and g) Zhang incomporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100
hi only need f) and g)
Zhang incomporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percen 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 $1,020,000. The transaction met the requirements to be tax-deferred under $351. Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Required: o. What amount of gain or loss does Zhang realize on the transfer of the property to the corporation? b. What amount of gain or loss does Zhang recognize on the transfer of the property to the corporation? c. What is Zhang's tax basis in the stock recelved in the exchange? d. What is the corporation's adjusted tax basis in each of the assets received in the exchange? e. Assume the corporation assumed a mortgage of $1.220,000 attached to the building and land. Assume the fair market value of the building is now $700,000 and the fair market vatue of the land is $1.484,000. The fair market value of the stock remains $1,020,000 How much, If any, gain or loss does Zhang recognize on the exchange assuming the revised facts? 1. Assume the corporation assumed a mortgage or $1,220,000 attached to the building and land Assume the fair market value of the building is now $700,000 and the fair market value of the land is $1,484,000. The fair market value of the stock remains $1,020,000. What is Zhang's tax basis in the stock recelved in the exchange? 9. Assume the corporation assumed a mortgage of $1,220.000 attached to the bulling and land Assume the faic market value of the bulding is now $700,000 and the fair market value of the land is $1,484,000. The falr market value of the stock remains $1,020,000 What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediote calculations. ( Answer is not complete. Complete this question by entering your answers in the tabs below. Assume the corporation assumed a mortgage of $1,220,000 attached to the building and land. Assume the fair market value Assume the corporation assumed a mortgage of $1,220,000 attached to the building and land. Assume the fair market of the buliding is now $700,000 and the fair market value of the land is $1,484,000. The fair market value of the stock remains $1,020,000. What is Zhang's tax bagis in the stock received in the exchange? Answer is not complete. Complete this question by entering your answers in the tabs below. Assume the corporation assumed a mortgage of $1,220,000 attached to the building and land. Assume the fair market value of the building is now $700,000 and the fair market value of the land is $1,484,000. The fair market value of the stock remains $1,020,000. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations Step by Step Solution
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