Business, 06.03.2021 06:10 Jennifer16253

Casey transfers property with a tax basis of $2,000 and a fair market value of $5,000 to a corporation in exchange for stock with a fair market value of $4,000 and $400 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $600 on the property transferred. Casey also incurred selling expenses of $300. What is the amount realized by Casey in the exchange? A. $5,000
B. $4, 700
C.. $4, 600
D. $4, 200

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Casey transfers property with a tax basis of $2,000 and a fair market value of $5,000 to a corporati...

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