Camille Transfers Property with a Tax Basis of $800 and a Fair

question 111

Multiple Choice

Camille transfers property with a tax basis of $800 and a fair market value of $1,200 to a corporation in exchange for stock with a fair market value of $850 and $350 in cash in a transaction that qualifies for deferral under section 351. Camille also incurred selling expenses of $100. What is the amount realized by Camille in the exchange?

• A)$1,200
• B)$1,100
• C)$850
• D)$750

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Definitions:

Blind Spot

The area in the visual field that lacks light-detecting photoreceptor cells, where the optic nerve passes through the optic disc of the retina.

Robert Sternberg

An American psychologist known for his theory on the triarchic theory of intelligence, which includes analytical, creative, and practical components.

Creative Intelligence

The ability to produce work that is both novel and appropriate in the context of its use.

Practical Intelligence

The ability to solve everyday problems by utilizing knowledge gained from experience in order to adapt to, shape, or select environments.