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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: Adjusted Tax FMV Basis Inventory $ 88,000 $ 44,000 Building 660,000 440,000 Land 1,012.000 1,320,000 Total $ 1,760,000 $ 1,884,000 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 $1,660,000. 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.) Assume the corporation assumed a mortgage of $1,860,000 attached to the building and land. Assume the fair market value of the building is now $1,100,000 and the fair market value of the land is $2,332,000. The fair market value of the stock remains $1,660,000 9. What is the corporation's adjusted tax basis in each of the assets received in the exchange? (Do not round intermediate calculations.) Inventory Building Land Adjusted basis

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