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Business, 13.03.2021 04:00 ava9308

Antoine transfers property with a tax basis of $524 and a fair market value of $647 to a corporation in exchange for stock with a fair market value of $569 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $78 on the property transferred. What is Antoine's tax basis in the stock received in the exchange

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Antoine transfers property with a tax basis of $524 and a fair market value of $647 to a corporation...

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