Antoine transfers property with a tax basis of $524 and a fair market value of $647 to a corporation in exchange for stock with a fair market value of $569 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $78 on the property transferred. What is Antoine's tax basis in the stock received in the exchange

$446

Explanation:

Antoine will receive the same basis in the stock that was in the property.

The Corporation however, assumed $78 of the liability of the property transferred which would reduce Antoine's basis in that property

Antoine's basis = Property base - Liability assumed by corporation

= 524 - 78

= $446

probably not? : o

unless you work at a circus or any other job like that. c:

maybe..

dunce cap 4life lollolol