What is the corporation''s tax basis in the property

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Reference no: EM13154869

Rachelle transfers property with a tax basis of $800 and a fair market value of $900 to a corporation in exchange for stock with a fair market value of $750 and $50 in a transaction that qualifies for deferral under section 351. the coporation assumed the a liability of $100 on the property transferred. What is the corporation's tax basis in the property received in the exchange

Reference no: EM13154869

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