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Business, 22.08.2019 16:30 syd141

Tristan transfers property with a tax basis of $1,255 and a fair market value of $1,570 to a corporation in exchange for stock with a fair market value of $1,255 and $276 in cash in a transaction that qualifies for deferral under section 351. the corporation assumed a liability of $39 on the property transferred. what is the corporation's tax basis in the property received in the exchange?

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Tristan transfers property with a tax basis of $1,255 and a fair market value of $1,570 to a corpora...
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