Antoine Transfers Property with a Tax Basis of $500 and a Fair

question 91

Multiple Choice

Antoine transfers property with a tax basis of $500 and a fair market value of $600 to a corporation in exchange for stock with a fair market value of $550 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $50 on the property transferred. What is Antoine's tax basis in the stock received in the exchange?

• A)$600
• B)$550
• C)$500
• D)$450

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Definitions:

Gender-based Threats

Risks or dangers that are targeted or disproportionately affect individuals based on their gender.

Deleterious Vulnerability

Describes weaknesses or flaws that can have harmful or damaging effects on an individual, system, or organization.

Homosocial Reproduction

The tendency for individuals in leadership positions to select successors who are similar to themselves in social background, gender, ethnicity, or beliefs.

Agentic Behavior

Actions characterized by assertiveness, control, confidence, and a focus on achieving one's goals.