Ashley transfers property with a tax basis of $5,500 and a fair market value of...
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Accounting
Ashley transfers property with a tax basis of $5,500 and a fair market value of $3,280 to a corporation in exchange for stock with a fair market value of $2,220 and $450 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $610 on the property transferred. What is Ashley's tax basis in the stock received in the exchange?
5500
4440
3280
2220
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