Module 8 Chapter 19 Homework 2 Required information The following information applies to the questions displayed belowj points 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 bases: Ad justed FMV Basis Inventory 20,0 18,800 Building Land 150,e98 230,e00 300,880 180,000 Total $488,00 $410,880 Print 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 $300,000. The transaction met the requirements to be tax-deferred under 351 (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) References b. What amount of gain or loss does Zhang recognize on the transfer of the property to her corporation? Gain or loss