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Terry transfers property with a tax basis of $190 and a fair market value of $290 to a corporation in exchange for stock with a
Terry transfers property with a tax basis of $190 and a fair market value of $290 to a corporation in exchange for stock with a fair market value of $240 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $50 on the property transferred. What is the corporation's tax basis in the property received in the exchange?
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