Required information (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 tax bases: Inventory Building T.and Total Tax TMV Basis $ 20,000 $ 10,000 150,000 100.000 230,000 70,000 $400,000 $180,000 The corporation also assumed a mortgage of $200,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $220,000. The exchange met the requirements to be tax-deferred under 5351. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero If applicable.) What amount of gain or loss does Zhang recognize on the transfer of the property to her corporation? Goin or loss recognized Required information {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 tax bases: Inventory Building Land Total Tax TM Basis $ 20,000 $ 10,000 150,000 100.000 230,000 70,000 $400,000 $180,000 The corporation also assumed a mortgage of $200,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $220,000. The exchange 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.) b. What is Zhang's tax basis in the stock she receives in the exchange? Tax basis