Amy transfers property with a tax basis of $1,405 and a fair market value of $965 to a corporation in exchange for stock with a fair market value of $620 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $345 on the property transferred. What is Amy's tax basis in the stock received in the exchange

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?