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Solve problem g. Answers to previous problems Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for
Solve problem g.
Answers to previous problems
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: Adjusted FMV Basis Inventory 77,200 38,600 101,000 211,400 286,906 Building Land 130,000 Total $418,600 $425,600 The corporation also assumed a mortgage of $101,000 attached to the building and land. The fair market value of the corporation's stock received in the exchange was $317,600. The transaction 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.) Problem 19-39 Part g Assume the corporation assumed a mortgage of $454,400 attached to the building and land. Assume the fair market value of the building is now $231,600 and the fair market value of the land is $617,600. The fair market value of the stock remains $317,600 g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermediate calculations.) Inventory Building Land Adjusted basisStep by Step Solution
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