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Wvan incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for too percent of the corporation's stock. The

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Wvan incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for too percent of the corporation's stock. The property transferred to the corporation had the following fair market values and adjusted tax basis The falt market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Ivan. The fransaction met the requirements to be tax-deferred under $351. Required: a. What amount of gain or loss does lvan realize on the transfer of the property to the corporation? Note, Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. b. What amount of gain or loss does Ivan recognize on the transfer of the property to the corporation? Note: Leave no answer blank. Enter zero if applicable. Negotive amount should be indicated by a minus sign. c. What is lvan's basis in the stock received in the new corporation? Note: Leave no answer blank. Enter zero If applicable. Negative amount should be indicated by a minus slgn. d. What is the corporation's tax basis in each of the assets received in the exchange? Note: Leave no answer blank. Enter zero if applicable. Negatlve amount should be indicated by a minus sign

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