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Business, 22.09.2020 20:01 dondre54

Carlos transfers property with a tax basis of $965 and a fair market value of $1,135 to a corporation in exchange for stock with a fair market value of $995 and $67 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $73 on the property transferred. What is the corporation's tax basis in the property received in the exchange

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Carlos transfers property with a tax basis of $965 and a fair market value of $1,135 to a corporatio...
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