Danielle Transfers Land with a $100,000 FMV (Basis $95,000)and $85,000

question 120

Multiple Choice

Danielle transfers land with a $100,000 FMV (basis $95,000) and $85,000 of liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $15,000.The corporation qualifies as a 351 transfer.The corporation assumes the $85,000 mortgage.What is the adjusted basis of the property to the corporation?

• A)$0
• B)$15,000
• C)$95,000
• D)$100,000

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