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Business, 17.03.2020 01:21 bodisontbernard

Amy transfers property with a tax basis of $1,755 and a fair market value of $1,085 to a corporation in exchange for stock with a fair market value of $630 in a transaction that qualifies for deferred under section 351. The corporation assumed a liability of $455 on the property transferred. What is Amy's tax basis in the stock received in the exchange

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Amy transfers property with a tax basis of $1,755 and a fair market value of $1,085 to a corporation...

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