Examlex
Roberta transfers property with a tax basis of $406 and a fair market value of $598 to a corporation in exchange for stock with a fair market value of $345 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $253 on the property transferred. What is the amount realized by Roberta in the exchange?
Due Care
Due care refers to the effort made by an individual or entity to avoid harm to other people or their property, acting with the prudence and attention that a reasonable person would exercise in similar circumstances.
Product Liability
The legal liability a manufacturer or trader incurs for producing or selling a faulty product.
Negligence
The failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, resulting in harm or damage.
Design Defect
A flaw in the planning or design of a product that makes it inherently unsafe or faulty.
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