Business, 12.03.2021 22:10 jennychen2518pbmirn

Tristan transfers property with a tax basis of $1,245 and a fair market value of $1,750 to a corporation in exchange for stock with a fair market value of $1,245 and $399 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $106 on the property transferred. What is the corporation's tax basis in the property received in the exchange

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Tristan transfers property with a tax basis of $1,245 and a fair market value of $1,750 to a corpora...

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