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:

FMV Adjusted Tax Basis

Inventory $ $84,000$ $ $42,000$

Building $630,000420,000$

Land $966,0001,260,000$

Total $ $1,680,000$ $ $1,722,000$

The corporation also assumed a mortgage of $$100,000$ attached to the building and land. The fair market value of the corporation's stock received in the exchange was $$1,580,000.$

Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.

Problem $08-40$ Part f $($Algo$)$

f$.$ Suppose the corporation assumed a mortgage of $$1,780,000$ attached to the building and land. The fair market value of the building is $$1,050,000$ and the fair market value of the land is $$2,226,000.$ The fair market value of the stock remains $$1,580,000.$

What is Zhang's tax basis in the stock received in the exchange?