2. Accounting
3. casey transfers property with a tax basis of 2500 and...

# Question: casey transfers property with a tax basis of 2500 and...

###### Question details

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?

Multiple Choice

• $4,523 •$5,098

• $5,400 •$4,998