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I need help in part E and G. plz give me right answer. No wrong answer please. thanks Zhang incorporated her sole proprietorship by transferring
I need help in part E and G.
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 $700,000. 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: a. 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 received 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 $900,000 attached to the building and land. Assume the fair market value of the building is now $500,000 and the fair market value of the land is $1,060,000. The fair market value of the stock remains $700,000. Assume the corporation assumed a mortgage of $900,000 attached to the building and land. Assume the fair market value of the building is now $500,000 and the fair market value of the land is $1,060,000. The fair market value of the stock remains $700,000 What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. Assume the corporation assumed a mortgage of $900,000 attached to the building and land. Assume the fair market value of the bullding is now $500,000 and the fair market value of the land is $1,060,000. The fair market value of the stock remains $700,000. How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts? What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. Assume the corporation assumed a mortgage of $900,000 attached to the building and land. Assume the fair market value of the building is now $500,000 and the fair market value of the land is $1,060,000. The fair market value of the stock remains $700,000. What is the corporation's adjusted tax basis in each of the assets recelved in the exchange? Note: Do not round intermediate calculations plz give me right answer. No wrong answer please. thanks
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