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Henry Transfers Property with an Adjusted Basis of $95,000 and an FMV

Question 113

Multiple Choice

Henry transfers property with an adjusted basis of $95,000 and an FMV of $100,000 to a newly formed corporation in a Sec. 351 exchange. Henry receives stock with an FMV of $85,000 and a short-term note with a $15,000 FMV. Henry's basis in the stock is


A) $100,000.
B) $95,000.
C) $90,000.
D) $85,000.

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