Casey Transfers Property with a Tax Basis of $2,000 and a Fair

question 56

Multiple Choice

Casey transfers property with a tax basis of $2,000 and a fair market value of $5,000 to a corporation in exchange for stock with a fair market value of $4,000 and $400 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $600 on the property transferred. Casey also incurred selling expenses of$300. What is the amount realized by Casey in the exchange?

• A) $4,700.
• B) $4,600.
• C) $5,000.
• D) $4,200.

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Definitions:

Personality Dimensions

Fundamental traits or aspects that constitute human personality, often identified in psychology as openness, conscientiousness, extraversion, agreeableness, and neuroticism (OCEAN).

Normal Variation

The range of differences in behavior, trait expressions, or physical characteristics present in a population without indicating a disorder.

Abnormal Variation

A deviation from the common or expected pattern, often used in the context of psychological or physiological conditions that differ significantly from the norm.

Pathological Personality

Personality types or traits that are maladaptive, causing significant impairment or distress to the individual.