Question
Tom transfers property with a tax basis of $5000 and a fair market value of $6000 to CCS, a corporation, in exchange for stock with
Tom transfers property with a tax basis of $5000 and a fair market value of $6000 to CCS, a corporation, in exchange for stock with a fair market value of $5500 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $500 on the property transferred. What is Tom's tax basis in the stock received in the exchange?
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Auditing An International Approach
Authors: Bahram Soltani
1st Edition
9780273657736
