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  3. problem 19-40 (lo 19-2) (algo) [the following info

Problem 19-40 (LO 19-2) (Algo) [The following information applies to the questions displayed below.] Zhang...

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Accounting

image Problem 19-40 (LO 19-2) (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: 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 $700,000. Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Problem 19-40 Part g (Algo) 9. Suppose the corporation assumed a mortgage of $900,000 attached to the building and land. The fair market value of the building s$500,000 and the fair market value of the land is $1,060,000. The fair market value of the stock remains $700,000. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations

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