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Casey transfers property with a tax basis of $3,0BO and a fair market value of $7

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Casey transfers property with a tax basis of $3,0BO and a fair market value of $7.700 to a corporation in exchange for stock with a fair market value of $6,200 and $675 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $825 on the property transferred. Casey also incurred selling expenses of $496. What is the amount realized by Casey in the exchange? Multiple Choice $7700 $7,204 S7104 $6,429
Simone transferred 100 percent of her stock in Purple Company to Plum Corporation in a Type A merger. In exchange, she received stock in Plum with a fair market value of $642,500 plus $642,500 in cash. Simone's tax basis in the Purple stock was $206,000. What amount of gain does Simone recognize in the exchange and what is her basis in the Plum stock she receives? Multiple Choice O $1079,000 guin recognized and a basis in Plum stock of $1205.000. O $1079,000 gain recognized and a basis in Plum stock of $642.500. $642,500 gain recognized and a basis in Plum stock of 5642,500. $642,500 gain recognized and a basis in Plum stock of $200,000
Red Blossom Corporation transferred its 40 percent interest to Tea Company as part of a complete liquidation of the company. In the exchange, Red Blossom recelved and with a fair market value of $630,000. The corporation's basis in the Tea Company stock was $452,500. The land had a basis to Tea Company of $687.500. What amount of gain does Red Blossom recognize in the exchange and what is its basis in the land it receives? Multiple Choice $177,500 gain recognized and a basis in the land of $687,500 O $177,500 gain recognized and a basis in the land of $630,000 No gain recognized and a basis in the land of $687,500 No gain recognized and a basis in the land of $235.000