000 July 1, 2018, Margaret formed Sanper Corporation. On that same date Margaret paid S200,000 cash and transferred property with an adiusted basis of $50,000 to Sanper Corporation in exchange for 3,000 shares of the corporation's common stock. The property transferred has a fail market value of $85,000 on the date of the transfer, Sanper Corporation had no other shares of common stock outstanding on July 1, 2018. As a result of this transaction, Margaret's basis in the stock and Sanper Corporation's basis in the property (other than the cash), respectively, are: A. $150,000 and $50,000 B. $150,000 and $85,000 C. $185,000 and $50,000 D. $185,000 and $85,000 E. none of the above. The correct answer is 53. Mara Teresa forms the Danilo Corporation during 2018. She transfers property located in Nopodanfaltar City with a value of $700,000 to Danilo Corporation in exchange for 100% of the stock in the corporation. Mara Teresa's basis in the property transferred was $350,000 and the corporation assumed a $250,000 mortgage on the property. If the fair market value of the stock received by Mara Teresa is $450,000, what is the corporation's basis in the property received from Mara Teresa? A. $100,000 B. $250,000 C. $350,000 D. $450,000 E. none of the above. The correct answer is 54. Which of the following statements is true? A. The formation of a partnership must be documented in writing. B. An LLC is generally treated as a partnership for federal tax law purposes. C. General partners have no liability for partnership obligations beyond their capital contributions. D. When Sue and Billy Bob buy land together, they are considered to have formed a corporation