Question
Tristan transfers property with a tax basis of $1,315 and a fair market value of $1,870 to a corporation in exchange for stock with a
Tristan transfers property with a tax basis of $1,315 and a fair market value of $1,870 to a corporation in exchange for stock with a fair market value of $1,315 and $380 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $175 on the property transferred. What is the corporation's tax basis in the property received in the exchange?
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Cost management a strategic approach
Authors: Edward J. Blocher, David E. Stout, Gary Cokins
5th edition
978-0073526942
