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What is the amount realized by casey in the exchange

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Reference no: EM132990459

Problem 1: Casey transfers property with a tax basis of $3,160 and a fair market value of $6,200 to a corporation in exchange for stock with a fair market value of $4,500 and $535 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,165 on the property transferred. Casey also incurred selling expenses of $392. What is the amount realized by Casey in the exchange?

Option 1: $6,200
Option 2: Incorrect
Option 3: $5,173
Option 4: $5,808
Option 5: $5,708

Reference no: EM132990459

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