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Camille transfers property with a tax basis of $1,190 and a fair market value of $1,500 to a corporation in exchange for stock with a fair market value of $1,245 and $255 in cash in a transaction that
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Camille transfers property with a tax basis of $1,190 and a fair market value of $1,500 to a corporation in exchange for stock with a fair market value of $1,245 and $255 in cash in a transaction that qualifies for deferral under section 351. Camille also incurred selling expenses of $158. What is the amount realized by Camille in the exchange?

User Mitghi
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Answer:

The amount realized by Camille in the exchange is $1,342

Step-by-step explanation:

Amount realised = fair market value of stock + cash - selling expense

= $1,245 + $255 - $158

= $1,342

Therefore, The amount realized by Camille in the exchange is $1,342

User Markemus
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