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Ashley transfers property with a tax basis of $5,500 and a fair market value of...

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Accounting

Ashley transfers property with a tax basis of $5,500 and a fair market value of $3,280 to a corporation in exchange for stock with a fair market value of $2,220 and $450 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $610 on the property transferred. What is Ashley's tax basis in the stock received in the exchange?

5500

4440

3280

2220

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