Solved: The corporation assumed a liability of 100 on the property, Accounting Basics

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The corporation assumed a liability of 100 on the property

Problem

Carlos transfers property with a tax basis of $500 and a fair market value of $800 to a corporation in exchange for stock with a fair market value of $650 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 the corporation's tax basis in the property received in the exchange?

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Accounting Basics: The corporation assumed a liability of 100 on the property

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Accounting Basics: The corporation assumed a liability of 100 on the property

Reference No:- TGS02593142

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