Business

8 August, 08:24

Ashley transfers property with a tax basis of $5,000 and a fair market value of $3,000 to a corporation in exchange for stock with a fair market value of $2,000 and $500 in cash in a transaction that qualifies for deferral under section 351. the corporation assumed a liability of $500 on the property transferred. what is ashley's tax basis in the stock received in the exchange?

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