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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
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 $1,260,000. The transaction met the requirements to be tax-deferred under 351. Note: Negative amount should be indicated by a minus sign. Leave no answer blank. a. What amount of gain or loss does Zhang realize on the transfer of the property to the corporation?
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