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Business, 29.12.2020 02:50 abigailb4424

Gabrielle transfers property with a tax basis of $400 and a fair market value of $700 to a corporation in exchange for stock with a fair market value of $500 and $100 of cash in a transaction that qualifies for deferral under section 351. The corporation also assumed a liability of $100 on the property transferred. What is Gabrielle's tax basis in the stock received in the exchange

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