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 $ 84,000 630,000 966,000 $ 1,680,000 Adjusted Tax Basis $ 42,000 420,000 1,260,000 $ 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. 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. Required: a. What amount of gain or loss does Zhang realize on the transfer of the property to the corporation? b. What amount of gain or loss does Zhang recognize on the transfer of the property to the corporation? c. What is Zhang's tax basis in the stock received in the exchange? d. What is the corporation's adjusted tax basis in each of the assets received in the exchange?

Zhang incorporated her sole proprietorship by tronsferring inventory, o bulding. and land to the corporation in return for 100 percent of the corporation's stock. The property tronsferted to the corporotion had the following fair market values and adjusted tax bases The corporation also assumed a mortgage of $100,000 attoched to the bulding and land. The fair market value of the corporation's stock receved in the exchange was $1,580,000. The tronsoction met the requirements to be tax-deferred under 3351 Note; Negative amount should be indicated by a minus sign. Leeve no answer blank, Enter zero if applicable. Required: 0. What amount of gein orioss does Zhang realize on the transfer of the property to the corporation? b. Whot amoum of gain or loss does Zhang recagnize on the trarsfer of the property to the corpocation? c. What is Zhang's tax basis in the stock recelved in the exchange? d. What is the corporation's adjusted tax bosis in eoch of the assets recelved in the exchange? Zhang incorporated her sole proprietorship by transferring inventory, a bulding. and land to the corporotion in teturn for 100 percent of the corporation's stock. The property tronsferted to the corporation had the following fair market values and adjusted tax bases The corporation also assumed a mortgage of $100,000 attoched to the bulding and land. The fair market value of the corporation's stock receved in the exchange was $1,580,000. The transoction met the requirements to be tax-deferred under $351 Note; Negotive smount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Required: 0. What amount of gain octoss does Zhang realize on the transfer of the property to the corporation? b. What amoumt of gain of loss does Zhang recagnize on the transfer of the property to the corpocation? c. What is Zhang's tax bosis in the stock recelved in the exchange? d. What is the corporation's adjusted tax bosis in each of the assets received in the exchange