Camille Transfers Property with a Tax Basis of $1,140 and a Fair

question 118

Multiple Choice

Camille transfers property with a tax basis of $1,140 and a fair market value of $1,340 to a corporation in exchange for stock with a fair market value of $1,270 and $70 incash in a transaction that qualifies for deferral under section 351. Camille also incurred selling expenses of $133. What is the amount realized by Camille in the exchange?

• A) $1,340
• B) $1,207
• C) $1,270
• D) $1,137

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