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What is the amount realized by casey in the exchange

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Question - Casey transfers property with a tax basis of $2,920 and a fair market value of $1500 to a corporation in exchange for stock with a fair market value of $5,600 and $860 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,040 on the property transferred. Casey also incurred selling expenses of $305. What is the amount realized by Casey in the exchange?

Reference no: EM133147108

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