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2......Santiago transfers real estate with an adjusted basis of $400,000 and fair market value of $550,000 to the newly formed Star Corporation in exchange for

2......Santiago transfers real estate with an adjusted basis of $400,000 and fair market value of $550,000 to the newly formed Star Corporation in exchange for 100% of its stock. The corporation assumes the liability on the transferred real estate in the amount of $425,000.

What is Santiagos basis for his stock?

Answer............

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