Tristan Transfers Property with a Tax Basis of $1,015 and a Fair

Multiple Choice

Tristan transfers property with a tax basis of $1,015 and a fair market value of $1,520 to a corporation in exchange for stock with a fair market value of $1,015 and $378 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $127 on the property transferred. What is the corporation's tax basis in the property received in the exchange?

A) $1,520
B) $1,393
C) $1,142
D) $1,015