Assume the corporation assumed a mortgage of $1,140,000 attached to the building and land. Assume...
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Assume the corporation assumed a mortgage of $1,140,000 attached to the building and land. Assume the fair market value of the building is now $650,000 and the fair market value of the land is $1,378,000. The fair market value of the stock remains $940,000.
What is Zhang's tax basis in the stock received in the exchange?
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