Casey transfers property with a tax basis of $2,640 and a fair market value of $7,000 to a corporation in exchange for stock with a fair market value of $5,100 and $835 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,065 on the property transferred. Casey also incurred selling expenses of $547. What is the amount realized by Casey in the exchange

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01-04-2021
Business

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Casey transfers property with a tax basis of $2,640 and a fair market value of $7,000 to a corporation in exchange for stock with a fair market value of $5,100 and $835 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $1,065 on the property transferred. Casey also incurred selling expenses of $547. What is the amount realized by Casey in the exchange

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