Sybil transfers property with a tax basis of $5,100 and a fair market value of $6120 to a corporation in exchange for stock with a fair market value of $3060 and 2,040 cash in transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,020 on the property transferred. What is Sybil's tax basis in the stock recieved in the exchange

Jazz Corporation owns 50 percent of the Williams Corp. stock. Williams distributed a $11,800 dividend to Jazz Corporation. Jazz Corp.'s taxable income before the dividend was $121,000. What is the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp.?

3. Jazz Corporation owns 50% of the Williams Corp. stock. Williams distributed a $13,100 dividend to Jazz Corporation. Jazz Corp.'s taxable income (loss) before the dividend was (2,100). What is the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp.?