Rachelle transfers property with a tax basis of $975 and a fair market value of...
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Accounting
Rachelle transfers property with a tax basis of $975 and a fair market value of $1,105 to a corporation in exchange for stock with a fair market value of $845 and $62 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $198 on the property transferred. What is the corporation's tax basis in the property received in the exchange?
1105
1037
975
845
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