Rutherford transfers property with an adjusted basis of $8,0…
Rutherford transfers property with an adjusted basis of $8,000 and a fair market value of $11,500 to Hayes Corporation in exchange for stock with a fair market value of $10,000 and $1,200 cash in a transaction that qualifies for deferral under §351. Rutherford also incurred expenses on the transfer of $300. What is the amount realized by Rutherford on the exchange?