Determining basis in the stock

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Reference no: EM13134398

Henry transfers property with an adjusted basis of $95,000 and a FMV of $100,000 to a newly formed corporation in a Sec. 351 exchange. Henry receives stock with a FMV of $85,000 and a short-term note with a $15,000 FMV. Henry's basis in the stock is:

A) $100,000.

B) $95,000.

C) $90,000.

D) $85,000.

Reference no: EM13134398

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