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Business, 22.03.2021 19:30 jzoda7318

Carlos transfers property with a tax basis of $930 and a fair market value of $1,295 to a corporation in exchange for stock with a fair market value of $965 and $80 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $250 on the property transferred. What is the corporation's tax basis in the property received in the exchange

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