Accounting Study Essay

a. Identify prodigious levy and nontax issues or concerns that may differ across entity types.b. Provide your passport for forming CCS as a C corporation, S corporation, LLC, or partnership. Explain your reason out for your choice of entity, identify any issues that you may still be pertain about, and suggest recommendations for dealing with the concerns.Chapter 19 Problem 39(LO2) Zhang incorporated her touch on proprietorship by transferring inventory, a building, and land to the corporation in emergence for 100 percent of the corporations linage. The blank space transferred to the corporation had the succeeding(a) fair market values and tax-adjusted basesFMV Tax-Adjusted BasisInventory $ 20,000 $ 10,000Building 150,000 100,000 visit 230,000 300,000Total $400,000 $410,000The corporation also fictional a mortgage of $100,000 connect to the building and land. The fair market value of the corporations stock received in the exchange was $300,000. The transaction met the requi rements to be tax-deferred under 351. a. What meat of gain or qualifying does Zhang realize on the transfer of the property to her corporation?b. What amount of gain or loss does Zhang recognize on the transfer of the property to her corporation?c. What is Zhangs tax basis in the stock she receives in the exchange?d. What is the corporations tax-adjusted basis in each of the assets received in the exchange?Assume the corporation assumed a mortgage of $500,000 attached to the building and land.e. How much, if any, gain or loss does Zhang recognize on the exchange assuming the revised facts?f. What is Zhangs tax basis in the stock she receives in the exchange?g.What is the corporations tax-adjusted basis in each of the assets received in the exchange?