If a shareholder sells property to a corporation at fair market value for legal purposes but elects

Question:

If a shareholder sells property to a at fair market value for legal purposes but elects an alternative price for tax purposes, what are the tax implications to the shareholder and to the acquiring the asset? Why is this election option referred to as a “roll-over”?
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...