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Business, 05.07.2020 01:01 firefightergros7271

Antoine transfers property with a tax basis of $540 and a fair market value of $667 to a corporation in exchange for stock with a fair market value of $574 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $93 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 $540 and a fair market value of $667 to a corporation...
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