Rachelle transfers property with a tax basis of 800 and a, Accounting Basics

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Rachelle transfers property with a tax basis of 800 and a

Problem

Rachelle transfers property with a tax basis of $800 and a fair market value of $900 to a corporation in exchange for stock with a fair market value of $750 and $50 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $100 on the property transferred. What is Rachelle's tax basis in the stock received in the exchange?

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Accounting Basics: Rachelle transfers property with a tax basis of 800 and a

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Accounting Basics: Rachelle transfers property with a tax basis of 800 and a

Reference No:- TGS02763623

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