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 $$300,000.$

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

applicable.

Problem $19-40$ Part e $($Static$)$

e$.$ Suppose the corporation assumed a mortgage of $$500,000$ attached to the building and land. The fair market value of the

building is $$250,000$ and the fair market value of the land is $$530,000.$ The fair market value of the stock remains $$300,000.$

How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts?

Answer is complete but not entirely correct.