Question
Sally transfers property with a tax basis of $18,000 and a fair market value of $24,000 to a corporation in exchange for stock with a
Sally transfers property with a tax basis of $18,000 and a fair market value of $24,000 to a corporation in exchange for stock with a fair market value of $18,000 and $4,000 in cash in a transaction that qualifies under IRC Section 351. The corporation also assumed a liability of $2,000 on the property transferred. What is the corporation's tax basis in the property received in the exchange?
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Audit Renaissance
Authors: Vakils
1st Edition
8184621639, 978-8184621631
