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Thang incorporated her sole proprietorship by transfering irventory. a bullding, and land to the corporation in retum for 100 percent of the corporation's stock. The

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Thang incorporated her sole proprietorship by transfering irventory. a bullding, and land to the corporation in retum for 100 percent of the corporation's stock. The properfy 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 bulding and land. The fair maiket value of the corporation's stock recetved in the exchange was $300,000. The transaction met the requirements to be tax deleried under 5351 . (Negative omount should be indicated by a minus sign. Leave no onswer blank. Enter zere if epplicebles) Assume the corporation assumed a mortgage of $500,000 ottached to the building and land. Assume the fair market value of the bulding is now $250,000 and the fair maket value of the Land is $530,000. The fair matket value of the stock remains $300,000. 9. What is the corporation's adiusted tax basis in each of the assets received in the exchange? (Do not round intermediate calculations.)

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