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Rachel transfers property with a tax basis of $800 and a fair market value of $900 to a corporation in exchange for stock with a
Rachel transfers property with a tax basis of $800 and a fair market value of $900 to a corporation in exchange for stock with a fair market value of $750 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? 850 800 750
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