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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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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: 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. Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. g. Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market value of the 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 What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market value of the 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. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations

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