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Rachelle transfers property with a tax basis of $1,220 and a fair market value of...

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Accounting

Rachelle transfers property with a tax basis of $1,220 and a fair market value of $1,430 to a corporation in exchange for stock with a fair market value of $1,075 and $128 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $227 on the property transferred. What is the corporation's tax basis in the property received in the exchange?

Multiple Choice

  • $1,430

  • $1,348

  • $1,220

  • $1,075

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