Question
Gabrielle transfers property with a tax basis of $400 and a fair market value of $700 to a corporation in exchange for stock with a
Gabrielle transfers property with a tax basis of $400 and a fair market value of $700 to a corporation in exchange for stock with a fair market value of $500 and $100 cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $100 on the property transferred. What is Gabrielles tax basis in the stock received in the exchange?
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The TL 9000 Guide For Auditors
Authors: Mark Kempf
1st Edition
087389510X, 978-0873895101
