Inventory Building Land Total FMV $28,000 210,000 322,000 $560,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market valu corporation's stock received in the exchange was $460,000. The transaction met the requirements to be tax-c under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if ap Adjusted basis Adjusted Basis $ 14,000 140,000 420,000 $574,000 Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermedial Inventory Building Land
Inventory Building Land Total FMV $28,000 210,000 322,000 $560,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market valu corporation's stock received in the exchange was $460,000. The transaction met the requirements to be tax-c under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if ap Adjusted basis Adjusted Basis $ 14,000 140,000 420,000 $574,000 Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermedial Inventory Building Land
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ok
it
nces
Inventory
Building
Land
Total
FMV
$ 28,000
210,000
322,000
$560,000
The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market valu
corporation's stock received in the exchange was $460,000. The transaction met the requirements to be tax-c
under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if ap
Adjusted basis
Adjusted
Basis
$ 14,000
140,000
420,000
$574,000
Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market
building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remain
g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermedia
Inventory
Building
Land
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