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Camille transfers property with a tax basis of $995 and a fair market value of $1,240 to a corporation in exchange for stock with a fair market value of $1,070 and $170 in cash in a transaction that qualifies for deferral under section 351. Camille also incurred selling expenses of $161. What is the amount realized by Camille in the exchange

Respuesta :

Answer:

the amount realized by Camille in the exchange is $1,079

Explanation:

The computation of the amount realized is shown below:

= Fair market value + cash - selling expenses incurred

= $1,070 + $170 - $161

= $1,079

Hence, the amount realized by Camille in the exchange is $1,079

We simply applied the above formula

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