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What is antoine tax basis in the stock received in exchange

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Reference no: EM133149948

Question - Antoine transfers property with a tax basis of $542 and a fair market value of $616 to a corporation in exchange for stock with a fair market value of $593 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $23 on the property transferred. What is Antoine's tax basis in the stock received in the exchange?

Reference no: EM133149948

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