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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?

Respuesta :

Karabo99

Answer:

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

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

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