Potta Corporation transferred property with a tax basis of $450 and a fair market value of $700 to a corporation in exchange for stock with a fair market value of $550 and $75 cash in a transaction that qualifies for deferral under Section 351. What is the corporation's tax basis in the property received in the exchange?
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Potta Corporation transferred property with a tax basis of $450 and a fair market value of $700 to a corporation in exchange for stock with a fair market value of $550 and $75 cash in a transaction that qualifies for deferral under Section 351. What is the corporation's tax basis in the property received in the exchange?
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