Tristan Transfers Property with a Tax Basis of $1,015 and a Fair

question 30

Multiple Choice

Tristan transfers property with a tax basis of $1,015 and a fair market value of $1,520 to a corporation in exchange for stock with a fair market value of $1,015 and $378 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $127 on the property transferred. What is the corporation's tax basis in the property received in the exchange?

• A)$1,520
• B)$1,393
• C)$1,142
• D)$1,015

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Definitions:

Heart Rate

The number of times the heart beats per minute, indicating cardiovascular health.

Validating Subjective Data

The process of confirming data based on the patient's personal experiences to ensure accuracy in diagnosis and care planning.

Physical Care Technique

A method or practice employed in the physical care or treatment of patients, which can range from medical procedures to therapeutic exercises.

Cardiopulmonary Resuscitation

A life-saving technique involving chest compressions and rescue breaths to support and maintain breathing and circulation in someone who has suffered cardiac arrest.