Trolette Contributes Property with an Adjusted Basis of $80,000 and a Fair

Multiple Choice

Trolette contributes property with an adjusted basis of $80,000 and a fair market value of $100,000 to a newly formed business entity.If the entity is a C corporation and the transaction qualifies under § 351,the corporation's basis for the property and the shareholder's basis for the stock are: Asset Basis Stock Basis

A) $ 80,000 $100,000
B) $100,000 $ 80,000
C) $ 80,000 $ 80,000
D) $100,000 $100,000
E) None of the above.