Carlos Transfers Property with a Tax Basis of $535 and a Fair

question 27

Multiple Choice

Carlos transfers property with a tax basis of $535 and a fair market value of $1,060 to a corporation in exchange for stock with a fair market value of $785 and $56 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $219 on the property transferred. What is the corporation's tax basis in the property received in the exchange?

• A)$1,060
• B)$729
• C)$591
• D)$372

Identify and describe the basic units of data processing and data hierarchy.

Recognize the key components and structures of database systems including primary and foreign keys.

Comprehend the relational database model and its applications.

Grasp the magnitude and characteristics of organizational data, including structured and unstructured data.

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