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Rachelle transfers property with a tax basis of $1,040 and a fair market value of...

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Rachelle transfers property with a tax basis of $1,040 and a fair market value of $1,290 to a corporation in exchange for stock with a fair market value of $1,020 and $128 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $142 on the property transferred. What is the corporation's tax basis in the property received in the exchange

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