Antoine transfers property with a tax basis of $570 and a fair market value of $615 to a corporation in exchange for stock with a fair market value of $598 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $17 on the property transferred. What is Antoine's tax basis in the stock received in the exchange? Multiple Choice O O $615 $598 $570 $553
Antoine transfers property with a tax basis of $570 and a fair market value of $615 to a corporation in exchange for stock with a fair market value of $598 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $17 on the property transferred. What is Antoine's tax basis in the stock received in the exchange? Multiple Choice O O $615 $598 $570 $553
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter12: Corporations: Organization, Capital Structure, And Operating Rules
Section: Chapter Questions
Problem 22P
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Transcribed Image Text:Antoine transfers property with a tax basis of $570 and a fair market value of $615 to a corporation in exchange for stock with a fair market value of $598 in a
transaction that qualifies for deferral under section 351. The corporation assumed a liability of $17 on the property transferred. What is Antoine's tax basis in the
stock received in the exchange?
Multiple Choice
$615
$598
$570
$553
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