Daniel Transfers Land with a $92,000 Adjusted Basis and a $100,000

question 6

Multiple Choice

Daniel transfers land with a $92,000 adjusted basis and a $100,000 FMV to a corporation in a Sec.351 transfer.Immediately after the transfer,Daniel owns 100% of the corporation-stock with a FMV of $15,000.In addition,$85,000 of liabilities are assumed by the corporation with respect to the transfer.No other property is transferred.Daniel's basis in the stock is

• A)$0.
• B)$7,000.
• C)$8,000.
• D)$100,000.

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