Required information Problem 8-40 (LO 8-2) (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 bases: Inventory Building Land Total FMV $ 64,000 480,000 736,000 $1,280,000 Adjusted Basis $ 32,000 320,000 960,000 $1,312,000 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 $1.180,000. The transaction met the requirements to be tax-deferred under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 8.40 Part e (Algo) Assume the corporation assumed a mortgage of $1,380,000 attached to the building and land. Assume the fair market value of the building is now $800,000 and the fair market value of the land is $1,696,000. The fair market value of the stock remains $1,180,000. e. How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts