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What amount of loss does julian recognize in the exchange

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Problem 1: Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type B stock exchange. In exchange, he received stock in Apricot with a fair market value of $252,500. Julian's tax basis in the Lemon stock was $505.000. What amount of loss does Julian recognize in the exchange and what is his basis in the Apricot stock he received?

a. $252,500 loss recognized and a basis in Apricot stock of $252,500
b. No loss recognized and a basis in Apricot stock of $505,000
c. $252,500 loss recognized and a basis in Apricot stock of $505,000
d. No loss recognized and a basis in Apricot stock of $252,000

Reference no: EM132780934

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