Required information 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 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 building and land. The fair market value of the corporation's stock received in the exchange was $540.000 Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 19-40 Part c (Algo) c. What is Zhang's tax basis in the stock recelved in the exchange? Required information 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 buiding, 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 recelved in the exchange was $540.000 Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 19-40 Part b (Algo) b. What amount of gain or loss does Zhang recognize on the transfer of the property to the corporation? Required information Problem 19.40 (LO 19.2) (Algo) [The following information applies to the questions displayed below. Zhang incorporated her sole proptietorship by transferring inventory, a building, and land to the corporation in refurn 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 buidding and land. The fair market value of the corporation's stock recelved in the exchange was $540,000. Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 19-40 Part g (Algo) 1. Suppose the corporation assumed a mortgage of $740,000 attached to the bullding and land. The fair market value of the building $400,000 and the fair market value of the land is $848,000. The fair market value of the stock remains $540,000 What is the corporation's adjusted tax basis in each of the assets recelved in the exchange? Note: Do not round intermediate calculations. Required information 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 bulding and land. The fair market value of the corporation's stock received in the exchange was $540,000 Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 19.40 Part a (Algo) a. What amount of gain or loss does Zhang realize on the transfer of the property to the corpotation? Required information Problem 19-40 (LO 19-2) (Algo) (The following information applies to the questions displayed below) Zhang incorporated her sole proptietorship by transferring inventory, a building, and land to the corporation in refum 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 recelved in the exchange was $540,000. Note: Negotive amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 19-40 Part e (Algo) Suppose the corporation assumed a mortgage of $740,000 attached to the buliding and land. The fair market value of the buliding $400.000 and the fair market value of the land is $848,000. The fair market value of the stock remains $540,000 tow much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts? Required information 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 or $100,000 attached to the building and land. The fair market value of the corporation's stock recelved in the exchange was $540,000. Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 19.40 Part d (Algo) d. What is the corporation's adjusted tax basis in each of the assets recelved in the exchange? Required information Problem 19.40 (LO 19-2) (Algo) [The following information applies to the questions displayed below] Zhang incorporated her sole proprietorship by transterring 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 or $100,000 attached to the building and land The foir market value of the corporation's stock recelved in the exchange was $540,000 Note: Negetive amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 19.40 Port f (Algo) 1. Suppose the corporation assumed a mortgage of $740,000 attached to the building and land. The fair market value of the buldang is $400,000 and the fair market value of the land is $848,000 The fair morket value of the stock remains $540,000. What is Zhang's tax basis in the stock recelved in the exchange