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What is Antoine tax basis in the stock received

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Reference no: EM132544337

Question - Antoine transfers property with a tax basis of $534 and a fair market value of $659 to a corporation in exchange for stock with a fair market value of $576 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $83 on the property transferred. What is Antoine's tax basis in the stock received in the exchange?

Reference no: EM132544337

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