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Rachelle transfers property with a tax basis of $1,155 and a fair market value of $1,360 to a corporation in exchange for stock with a fair market value of $1,000 and $161 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $199 on the property transferred. What is the corporation's tax basis in the property received in the exchange?
Sagot :
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