Business, 20.07.2021 01:00 dootdootkazoot

Casey transfers property with a tax basis of $3,800 and a fair market value of $6,800 to a corporation in exchange for stock with a fair market value of $5,250 and $720 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $830 on the property transferred. Casey also incurred selling expenses of $461. What is the amount realized by Casey in the exchange

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Casey transfers property with a tax basis of $3,800 and a fair market value of $6,800 to a corporati...

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