Antoine transfers property with a tax basis of $500 and a fair market value of $600 to

Question:

Antoine transfers property with a tax basis of $500 and a fair market value of $600 to a in exchange for stock with a fair market value of $550 in a transaction that qualifies for deferral under Section 351. The assumed a liability of $50 on the property transferred. What is Antoine's tax basis in the stock received in the exchange?
a. $500b. $600c. $450d. $550

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...