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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

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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 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 $300,000. Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. What is the corporation's adjusted tax basis in each of the assets received in the exchange? e. Suppose the corporation assumed a mortgage of $500,000 attached to the building and land. The fair market value of the bulding is $250,000 and the fair market value of the land is $530,000. The fair market value of the stock remains $300,000. How much, If any, gain or loss does Zhang recognize on the exchange assuming the revised facts? f. Suppose the corporation assumed a mortgage of $500,000 attached to the building and land. The fair market value of the building is $250,000 and the fair market value of the land is $530,000. The fair market value of the stock remains $300,000. What is Zhang's tax basis in the stock received in the exchange

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