Casey transfers property with a tax basis of $2,620 and a fair market value of $7,800 to a corporation in exchange for stock with a fair market value of $5,900 and $530 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,370 on the property transferred. Casey also incurred selling expenses of $330. What is the amount realized by Casey in the exchange?

Multiple Choice

• $7,800

• $7,470

• $7,370

• $6,840