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me the corporation assumed a mortgage of $660,000 attached to the building and land. me the fair market value of th building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000 What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. Answer is complete but not entirely correct. Required A Required B Required C Required D Required E Required F Required G Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market value of the building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Adjusted basis Inventory $ 28,910 X $ Building 0X $ Land 0x Show less A

me the corporation assumed a mortgage of $660,000 attached to the building and land. me the fair market value of th building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000 What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. Answer is complete but not entirely correct. Required A Required B Required C Required D Required E Required F Required G Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market value of the building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Adjusted basis Inventory $ 28,910 X $ Building 0X $ Land 0x Show less A

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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g. Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market value of the building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. X Answer is complete but not entirely correct. Required A Required B Required C Required D Required E Required F Required G Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market value of the building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Adjusted basis Inventory $ 28,910 $ Building 0X $ Land Show less A
Transcribed Image Text:g. Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market value of the building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. X Answer is complete but not entirely correct. Required A Required B Required C Required D Required E Required F Required G Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market value of the building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remains $460,000. What is the corporation's adjusted tax basis in each of the assets received in the exchange? Note: Do not round intermediate calculations. Adjusted basis Inventory $ 28,910 $ Building 0X $ Land Show less A
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 Total FMV $ 28,000 210,000 322,000 $ 560,000 Adjusted Tax Basis $ 14,000 140,000 420,000 $ 574,000 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 $460,000. 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.
Transcribed Image Text: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 Total FMV $ 28,000 210,000 322,000 $ 560,000 Adjusted Tax Basis $ 14,000 140,000 420,000 $ 574,000 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 $460,000. 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.
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