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What is amy tax basis in the stock received in the exchange

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Problem 1: Amy transfers property with a tax basis of $1,455 and a fair market value of $1,020 to a corporation in exchange for stock with a fair market value of $600 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $420 on the property transferred. What is Amy's tax basis in the stock received in the exchange?

Option 1: $935
Option 2: Incorrect
Option 3: $1,035
Option 4: $600
Option 5: $1,455

Reference no: EM132990485

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