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  3. ashley transfers property with a tax basis of $6,5

Ashley transfers property with a tax basis of $6,520 and a fair market value of...

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Accounting

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Ashley transfers property with a tax basis of $6,520 and a fair market value of $3,720 to a corporation in exchange for stock with a fair market value of $2,800 and $360 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $560 on the property transferred. What is Ashley's tax basis in the stock received in the exchange? Multiple Choice 1 0 $6,520 0 $5,600 0 0 $3,720 0 $2,800

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