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Casey transfers property with a tax basis of $2,100 and a fair market value of $6,500 to a corporation in exchange for stock with a
Casey transfers property with a tax basis of $2,100 and a fair market value of $6,500 to a corporation in exchange for stock with a fair market value of $4,200 and $740 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,560 on the property transferred. Casey also incurred selling expenses of $558. What is the amount realized by Casey in the exchange?
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