Amy transfers property with a tax basis of $1,350 and a fair market value of $935 to a corporation in exchange for stock with a fair market value of $600 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $335 on the property transferred. What is Amy's tax basis in the stock received in the exchange? Multiple Choice $1,350 $1,015 $915 $600
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![Amy transfers property with a tax basis of $1,350 and a fair market value of $935 to a corporation in exchange for stock with a fair market value of $600
in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $335 on the property transferred. What is Amy's tax
basis in the stock received in the exchange?
Multiple Choice
$1,350
$1,015
$915
$600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F07090dcb-2c52-46ef-b4eb-27792d2bd0c9%2F013f45bc-7971-45da-baf9-55f0b2df6217%2F590z7b_processed.png&w=3840&q=75)
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