Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rachelle transfers property with a tax basis of $8

Rachelle transfers property with a tax basis of $825 and a fair market value of...

70.2K

Verified Solution

Question

Accounting

Rachelle transfers property with a tax basis of $825 and a fair market value of $1,300 to a corporation in exchange for stock with a fair market value of $700 and $214 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $386 on the property transferred. What is the corporation's tax basis in the property received in the exchange?

Multiple Choice

  • $1,300

  • $1,039

  • $825

  • $700

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Assume a transmission line with ZL = 100 − j25Ω and Z0 = 50Ω. Using the...

Electrical Engineering
Q

For the circuit shown in figure the potential difference between points a and b is...

Physics
Q

Given that the polynomial f(x) has 6 turning points, which of the following most accurately...

Basic Math
Q

A good, open-ended question for aninterviewA. has a "yes" or "no" answer.B. gets the person...

Basic Math
Q

Enter or in the box below 3 10

Statistics
Q

4 20 points Consider the curve given by the equation y ln x y Find...

Calculus
Q

ve for x X 1 0 The solution is x 0 Simplify your answer Type...

Algebra
Q

Which machine should be purchased? should be purchased

Accounting
Q

In which type of entity's financial statements would a retained earnings account be found? Solo...

Accounting
Q

Problem 4(want text answer and brief explanation) explain the journal entry for direct and indirect...

Accounting
Q

Gunner is 20 years old. In 2021, he had no earned income and his 2021...

Accounting
Q

Stephenson Co. currently uses no debt, but its new CFO is considering changing the capital...

Finance