Andrew transfers property ($920,000 A/B; $1,335,000 FMV) to…
Andrew transfers property ($920,000 A/B; $1,335,000 FMV) to Jackson Corporation in exchange for stock with a fair market value of $1,140,000 and $92,000 cash in a transaction that qualifies for deferral under §351. The corporation assumed a liability of $103,000 on the property transferred. What is Jackson Corporation’s basis in the property received in the exchange?