Ashley transfers property with a tax basis of $7,740 and a fair market value of $4,660 to a corporation in exchange for stock with a fair market value of $3,080 and $575 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,005 on the property transferred. What is Ashley's tax basis in the stock received in the exchange

Ashare stock is a small piece of ownership in a company ture or false

Agood for which demand increases as income rises is and a good for which demand increases as income falls is

Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false