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Business, 20.12.2019 01:31 campilk5

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?

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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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