Casey transfers property with a tax basis of $3,060 and a fair market value of $6,900 to a corporation in exchange for stock with a fair market value of $5,400 and $535 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $965 on the property transferred. Casey also incurred selling expenses of $383. What is the amount realized by Casey in the exchange?

Multiple Choice

• $6,900

• $6,517

• $6,417

• $5,882