Amy Transfers Property with a Tax Basis of $900 and a Fair

Multiple Choice

Amy transfers property with a tax basis of $900 and a fair market value of $600 to a corporation in exchange for stock with a fair market value of $450 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $150 on the property transferred. What is Amy's tax basis in the stock received in the exchange?

A) $900
B) $750
C) $650
D) $450