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Problem 1 9 - 4 0 ( LO 1 9 - 2 ) ( Algo ) [ The following information applies to the questions displayed

Problem 19-40(LO 19-2)(Algo)
[The following information applies to the questions displayed below.]
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 $460,000.
Note: Negatlve amount should be Indlcated by o minus sign. Leave no answer blank. Enter zero If appllcable.
Problem 19-40 Part g (Algo)
g. Suppose the corporation assumed a mortgage of $660.000 attached to the building and land. The fair market value of the building
is $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000.
What is the corporation's adjusted tax basis in each of the assets received in the exchange?
Note: Do not round Intermedlate calculations.
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