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Amy transfers property with a tax basis of $1,155 and a fair market value of...

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Accounting

Amy transfers property with a tax basis of $1,155 and a fair market value of $1,020 to a corporation in exchange for stock with a fair market value of $895 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $125 on the property transferred. What is Amy's tax basis in the stock received in the exchange?

Multiple Choice

  • $1,155

  • $1,030

  • $930

  • $895

Answer & Explanation Solved by verified expert
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