Question
Trista transfers property with a tax basis of $900 and a fair market value of $1,200 to a corporation in exchange for stock with a
Trista transfers property with a tax basis of $900 and a fair market value of $1,200 to a corporation in exchange for stock with a fair market value of $950 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $250 on the property transferred. What is Tristan's stock tax basis after the exchange?
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Auditing The Art And Science Of Assurance Engagements
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser-Hogeterp
11th Edition
0132088061, 978-0132088060
