Building Land Inventory $ FMV 660,000 Adjusted Basis 88,000 $ 44,000 440,000 1,012,000 1,320,000 Total $1,760,000 $1,804,000 Rectangular Snip 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 $1,660,000. The transaction met the requirements to be tax- deferred under $351. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume the corporation assumed a mortgage of $1,860,000 attached to the building and land. Assume the fair market value of the building is now $1,100,000 and the fair market value of the land is $2,332,000. The fair market value of the stock remains $1,660,000. g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermediate calculations.) Inventory Building Land Adjusted basis
Building Land Inventory $ FMV 660,000 Adjusted Basis 88,000 $ 44,000 440,000 1,012,000 1,320,000 Total $1,760,000 $1,804,000 Rectangular Snip 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 $1,660,000. The transaction met the requirements to be tax- deferred under $351. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable.) Assume the corporation assumed a mortgage of $1,860,000 attached to the building and land. Assume the fair market value of the building is now $1,100,000 and the fair market value of the land is $2,332,000. The fair market value of the stock remains $1,660,000. g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermediate calculations.) Inventory Building Land Adjusted basis
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Building
Land
Inventory $
FMV
660,000
Adjusted
Basis
88,000 $
44,000
440,000
1,012,000
1,320,000
Total
$1,760,000 $1,804,000
Rectangular Snip
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 $1,660,000. The transaction met the requirements to be tax-
deferred under $351. (Negative amounts should be indicated by a minus sign. Leave no answer blank. Enter zero
if applicable.)
Assume the corporation assumed a mortgage of $1,860,000 attached to the building and land. Assume the fair market value of the
building is now $1,100,000 and the fair market value of the land is $2,332,000. The fair market value of the stock remains $1,660,000.
g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermediate calculations.)
Inventory
Building
Land
Adjusted basis
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