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Amy transfers property with a tax basis of $1,155 and a fair market value of $1,020 to a corporation in exchange for stock with a
Amy transfers property with a tax basis of $1,155 and a fair market value of $1,020 to a corporation in exchange for stock with a fair market value of $895 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $125 on the property transferred. What is Amy's tax basis in the stock received in the exchange?
Multiple Choice
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$1,155
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$1,030
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$930
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$895
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