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  3. casey transfers property with a tax basis of $2,18

Casey transfers property with a tax basis of $2,180 and a fair market value of...

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Accounting

Casey transfers property with a tax basis of $2,180 and a fair market value of $6,100 to a corporation in exchange for stock with a fair market value of $4,500 and $575 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,025 on the property transferred. Casey also incurred selling expenses of $391. What is the amount realized by Casey in the exchange?

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