Business, 06.04.2021 01:40 brenton14

Carlos transfers property with a tax basis of $750 and a fair market value of $1,200 to a corporation in exchange for stock with a fair market value of $975 and $75 cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $150 on the property transferred. What is the corporation's tax basis in the property received in the exchange

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Carlos transfers property with a tax basis of $750 and a fair market value of $1,200 to a corporatio...

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