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Business, 06.03.2020 23:40 cityglamevents

ROY transfers property with a tax basis of $800 and a fair market value of $500 to a corporation in exchange for stock with a fair market value of $400 and $50 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $50 on the property transferred. What is Roy's tax basis in the stock received in the exchange? A. $800 B. $750 C. $700 D. $500

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ROY transfers property with a tax basis of $800 and a fair market value of $500 to a corporation in...
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