Isabelle transfers property with a tax basis of $250 and a FMV of $400 to...
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Accounting
Isabelle transfers property with a tax basis of $250 and a FMV of $400 to a corporation in exchange for 100% of the corporation's stock in a transaction that qualifies for deferral under Code Sec. 351. The corporation assumed a liability of $50 on the property transferred. (Assume the liability has a business purpose and that none of the debt is personal debt.) What is Isabelle's tax basis in the stock received in the exchange? Select one: A. $300 B. $250 C. $200 D. $150
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