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What is amy tax basis in the stock received

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Question - Amy transfers property with a tax basis of $1,005 and a fair market value of $730 to a corporation in exchange for stock with a fair market value of $610 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $120 on the property transferred. What is Amy's tax basis in the stock received in the exchange?

Reference no: EM132544345

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