What is tax basis in the stock received in the exchange

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Reference no: EM131211829

Kim transfers property with a tax basis of $1,120 and a fair market value of $810 to a corporation in exchange for stock with a fair market value of $620 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $190 on the property transferred. What is kim's tax basis in the stock received in the exchange?

Reference no: EM131211829

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