Bertam Transfers Property with a $50,000 Mortgage, a Fair Market

question 64

Multiple Choice

Bertam transfers property with a $50,000 mortgage, a fair market value of $350,000, and a basis of $200,000 for stock valued at $300,000. If the corporation assumes the mortgage, what is Bertram's basis in the stock received in this qualifying Section 351 transaction?

• A) $150,000
• B) $200,000
• C) $250,000
• D) $300,000

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