Required information [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 retu 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market vall and adjusted tax bases: Inventory Building Land Total FMV $ 96,000 720,000 1,104,000 $ 1,920,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market value of ti corporation's stock received in the exchange was $1,820,000. Note: Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if applicable. Adjusted basis Adjusted Tax Basis $ 48,000 480,000 1,440,000 $ 1,968,000 What is the corporation's adjusted tax basis in each of the assets received in the exchange? $ Inventory Building 48,000 $ 480,000 $ Land 436,000

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.