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problem 08-40 (LO 08-2) (Algo) part b S%252FimsClosew Chapter 8 Homework...

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problem 08-40 (LO 08-2) (Algo) part b

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S%252FimsClosew Chapter 8 Homework Saved Required information Problem 08-40 (LO 08-2) (Algo) [The following information applies to the questions displayed below.] 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 FMV $ 28,000 210,000 322,000 $ 560,000 Adjusted Tax Basis $ 14,000 140,000 420,000 $ 574,000 Total 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. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Problem 08-40 Part b (Algo) b. What amount of gain or loss does Zhang recognize on the transfer of the property to her corporation? Gain or loss recognized S Prev 5 6 10 of 28 Next

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