Sybil transfers property with a tax basis of 5000 and a fmv, Taxation

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Sybil transfers property with a tax basis of 5000 and a fmv

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Sybil transfers property with a tax basis of $5,000 and a FMV of $6,000 to a corp in exchange for stock with a FMV of $3000 and $2000 cash in a transaction under section 351. Corp assumed $1000 liability. What is the Sybil's tax basis of stock received? Answer is $3,000. But I keep getting $4,000.

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Taxation: Sybil transfers property with a tax basis of 5000 and a fmv

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Taxation: Sybil transfers property with a tax basis of 5000 and a fmv

Reference No:- TGS0767802

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