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 tax bases Inventory Building Land Total FMV $ 20,000 150,000 230,000 $ 400,000 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 $300,000 The transaction met the requirements to be tax deferred under 351 (Negative amount should be indicated by a minus sign Leave no answer blank Enter zero if applicable ) Gain or loss recognized Adjusted Tax Basis $ 10,000 100,000 300,000 $ 410,000 Assume the corporation assumed a mortgage of $500,000 attached to the building and land Assume the fair market value of the building is now $250,000 and the fair market value of the land is $530,000 The fair market value of the stock remains $300,000 e How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts Required informotion The following information applles to the questions displayed below 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 fait market values and adjusted tax bases The corporation also assumed a mortgage of $100,000 attached to the builcing and land The fair market value of the corporation's stock recelved in the exchange was $300,000 The transaction met the requirements to be tax deferred undet $351 (Negotive amount should be indicated by a minus sign Leave no answer blank Enter zero if applicable ) ssume the corporation assumed a mortgage of $500,000 attached to the buliding and land Assume the fair market value of the ulding is now $250,000 and the fair market value of the land is $530,000 The fair market value of the stock remains $300,000 How much, if any, gain or loss does Zhang recagnize on the exchange assuming the revised facts

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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 tax bases  Inventory Building Land Total FMV $ 20,000 150,000 230,000 $ 400,000 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 $300,000  The transaction met the requirements to be tax deferred under 351  (Negative amount should be indicated by a minus sign  Leave no answer blank  Enter zero if applicable ) Gain or loss recognized Adjusted Tax Basis $ 10,000 100,000 300,000 $ 410,000 Assume the corporation assumed a mortgage of $500,000 attached to the building and land  Assume the fair market value of the building is now $250,000 and the fair market value of the land is $530,000  The fair market value of the stock remains $300,000  e  How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts  Required informotion  The following information applles to the questions displayed below   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 fait market values and adjusted tax bases  The corporation also assumed a mortgage of $100,000 attached to the builcing and land  The fair market value of the corporation's stock recelved in the exchange was $300,000  The transaction met the requirements to be tax deferred undet  $351  (Negotive amount should be indicated by a minus sign  Leave no answer blank  Enter zero if applicable ) ssume the corporation assumed a mortgage of $500,000 attached to the buliding and land  Assume the fair market value of the ulding is now $250,000 and the fair market value of the land is $530,000  The fair market value of the stock remains $300,000  How much, if any, gain or loss does Zhang recagnize on the exchange assuming the revised facts

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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

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