Zhang incorporated her sole proprietorship by transferring inventory, a bulliding, 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 $1,180,000. The transaction met the requirements to be tax-deferred under 5351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 19-40 Part a (Algo) a. What amount of gain or loss does Zhang realize on the transfer of the property to her corporation? Zhang incorporated her sole proprietorship by transferring inventory, a bulding, 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 bulding and land. The fair market value of the corporation's stock recelved in the exchange was $1,180,000. The transaction met the requirements to be tax-deferred under 5351. (Negative amount should be Indicated by a minus sign. Leave no answer blank, Enter zero if applicable.) Problem 19.40 Part b (Algo) b. What amount of gain or loss does Zhang recognize on the transfer of the property to her corporation? Zhang incorporated her sole proprictorship 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 buliding and land. The fair market value of the corporation's stock recelved in the exchange was $1,180,000. The transaction met the requirements to be tax-deferred under 5351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 19-40 Part c (Algo) c. What is Zhang's tax basis in the stock she recelves in the exchange? 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 recelved in the exchange was $1,180,000. The transaction met the requirements to be tax-deferred under 5351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 19.40 Part d (Algo) d. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Zhang incorporated her sole proprietorship by transferring inventory, a buliding, 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 $1,180,000. The transaction met the requirements to be tax-deferred under 5351 . (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) roblem 19.40 Part e (Algo) issume the corporation assumed a mortgage of $1,380,000 attached to the building and land. Assume the fair market value of the uliding is now $800,000 and the fair market value of the land is $1,696,000. The fair market value of the stock remains $1,180,000. How much, if any. gain or loss does Zhang recognize on the exchange assuming the revised facts? Zhang incorporated her sole proprletorship 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 bullding and land. The fair market value of the corporation's stock received in the exchange was $1,180,000. The transaction met the requirements to be tax-deferred under 5351 . (Negatlve amount should be indicated by a minus sign. Leave no answer blank. Enter rero If applicable.) Problem 19.40 Part f (Algo) Assume the corporation assumed a mortgage of $1,380,000 attached to the buliding and land. Assume the fair market value of the building is now $800,000 and the fair market value of the land is $1,696,000. The fair market value of the stock remains $1,180,000. f. What is Zhang's tax basis in the stock she recelves in the exchange? Zhang incorporated her sole proprietorship by transferting 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 recelved in the exchange was $1,180,000. The transaction met the requirements to be tax-deferred under 5351. (Negative amount should be indicated by a minus sign, Leave no answer blank. Enter zero if applicable.) roblem 19-40 Part g (Algo) ssume the corporation assumed a mortgage of $1,380,000 attached to the building and land. Assume the fair market value of the luiding is now $800,000 and the fair market value of the land is $1,696,000. The fair market value of the stock remains $1,180,000. . What is the corporation's adjusted tax basis in each of the assets received in the exchange? (Do not round intermediate alculations.)