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Business, 14.07.2020 20:01 taylordalton93

Carlos transfers property with a tax basis of $755 and a fair market value of $1,250 to a corporation in exchange for stock with a fair market value of $1,095 and $63 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $92 on the property transferred. What is the corporation's tax basis in the property received in the exchange

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