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What is antoine tax basis in the stock received in exchange

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Reference no: EM132990465

Problem 1: Antoine transfers property with a tax basis of $560 and a fair market value of $630 to a corporation in exchange for stock with a fair market value of $583 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $47 on the property transferred. What is Antoine's tax basis in the stock received in the exchange?

Option 1: $583
Option 2: Incorrect
Option 3: $630
Option 4: $513
Option 5: $560

Reference no: EM132990465

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