Zhang incorporated her sole proprietorship by transferring inventory, 100 percent of the corporation's stock. The property transferred to the and adjusted bases: Inventory Building Land Total FMV $ 28,000 210,000 322,000 $560,000 Adjusted Basis $ 14,000 Gain or loss recognized 140,000 420,000 $574,000 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 $460,000. The transaction met the requirements to be tax deferred under $351. (Negative amount should be indicated by a minus sign. L Assume the corporation assumed a mortgage of $660,000 attached to the building and land. assumed the fair market value building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000. e. How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts? < Prev. 8 9 10 of