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Business, 19.07.2021 23:00 Kana81

Antoine transfers property with a tax basis of $535 and a fair market value of $652 to a corporation in exchange for stock with a fair market value of $555 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $97 on the property transferred. What is Antoine's tax basis in the stock received in the exchange

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Antoine transfers property with a tax basis of $535 and a fair market value of $652 to a corporation...
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