Corporation tax basis in the property received in exchange

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Reference no: EM131887037

Paul transfer property with a tax basis of $20,000 and a fair marketvalue of$60,000 to a corporation in exchange for stock with a fair market value of $35,000 in a transaction that qualifies for deferral under §351. the corporation assumed a liablity of $25,000 on the property transferred. what is the corporation tax basis in the property received in the exchange? Explain

Reference no: EM131887037

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