2022-10-25 (1)

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Lone Star College System, Woodlands *

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2303

Subject

Accounting

Date

Apr 3, 2024

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1

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Problem 08-40 (LO 08-2) (Algo) 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: Adjusted Tax FMV Basis Inventory $ 68,000 $ 34,000 Building 510,000 349,000 Land 782,000 1,020,000 Total $ 1,360,000 $ 1,394,000 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 $1,260,000. 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:
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