Question: casey transfers property with a tax basis of 2500 and...
Casey transfers property with a tax basis of $2,500 and a fair market value of $5,400 to a corporation in exchange for stock with a fair market value of $4,300 and $475 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $625 on the property transferred. Casey also incurred selling expenses of $302. What is the amount realized by Casey in the exchange?