Business, 13.10.2021 01:30, kaylijocombs

Casey transfers property with a tax basis of $2,300 and a fair market value of $6,700 to a corporation in exchange for stock with a fair market value of $5,100 and $780 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $820 on the property transferred. Casey also incurred selling expenses of $598. What is the amount realized by Casey in the exchange

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Casey transfers property with a tax basis of $2,300 and a fair market value of $6,700 to a corporati...