Problem 08-40 (LO 08-2) (Algo) [The following information applies to the questions displayed below.] Zhang Incorporated her sole proprletorship 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 fair market values and adjusted tax bases: The corporation also assumed a mortgage of $100,000 attached to the bullding and land. The fair market value of the corporation's stock recelved In the exchange was $1,820,000. The transaction met the requilrements to be tax-deferred under $351. Note: Negatlve amount should be Indlcated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 08-40 Part a (Algo) 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 recelved In the exchange