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Amy transfers property with a tax basis of $1,405 and a fair market value of...

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Accounting

Amy transfers property with a tax basis of $1,405 and a fair market value of $965 to a corporation in exchange for stock with a fair market value of $620 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $345 on the property transferred. What is Amy's tax basis in the stock received in the exchange? Multiple Choice $1,405. $1,060. $960. $620.

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