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Carlos transfers property with a tax basis of $500 and a fair market value of $800 to a corporation in exchange for stock with a

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Carlos transfers property with a tax basis of $500 and a fair market value of $800 to a corporation in exchange for stock with a fair market value of $650 and $50 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $100 on the property transferred. What is the corporation's tax basis in the property received in the exchange? $800 $600 $550 $450

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