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Compute Costello basis in the building

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Question - Stanley transfers a building with an adjusted basis of $150,000 and a fair market value of $200,000 to Costello Corporation in return for 85 percent its stock worth $110,000. The building is subject to a mortgage of $90,000 which Costello assumes. Assuming the transaction qualifies as a Code Sec. 351 transfer, Costello's basis in the building is:

a. $200,000

b. $150,000

c. $110,000

d. $60,000

Reference no: EM132481866

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