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What is the corporation tax basis in the property received

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Reference no: EM132990526

Problem 1: Rachelle transfers property with a tax basis of $1,085 and a fair market value of $1,450 to a corporation in exchange for stock with a fair market value of $805 and $110 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $535 on the property transferred. What is the corporation's tax basis in the property received in the exchange?

Option 1: $1,085
Option 2: $805
Option 3: $1,195
Option 4: $1,450

Reference no: EM132990526

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