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

Short Answer

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:
E) None of the above.