James transfers property with a basis of $12,000 and a fair market value of $17,800...
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Accounting
James transfers property with a basis of $ and a fair market value of $ to Garfield Corporation in exchange for stock with a fair market value of $ and $ in cash. Garfield Corporation assumed a liability of $ on the property transferred. Assume the transaction qualifies for $ What is Garfield Corporation's basis in the property received in the exchange? $ $ $ $ 
James transfers property with a basis of $ and a fair market value of $ to Garfield
Corporation in exchange for stock with a fair market value of $ and $ in
cash. Garfield Corporation assumed a liability of $ on the property transferred. Assume the
transaction qualifies for $ What is Garfield Corporation's basis in the property received in the
exchange?
$
$
$
$
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