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Antoine transfers property with a tax basis of $560 and a fair market value of $630 to a corporation in exchange for stock with a fair market value of $583 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $47 on the property transferred. What is Antoine's tax basis in the stock received in the exchange? Multiple Choice $513 $630 $583 $560 Longhorn Company reports current E\&P of $135,000 in 203 and a deficit of ($270,000) in accumulated E\&P at the beginning of the year. Longhorn distributed $405,000 to its sole shareholder on January 1,203. The shareholder's tax basis in his stock in Longhorn is $135,000. How is the distribution treated by the shareholder in 203? Multiple Choice $0 dividend, $135,000 tax-free return of basis, and $270,000 capital gain $135,000 dividend and $270,000 tax-free return of basis $405,000 dividend $135,000 dividend, $135,000 tax-free return of basis, and $135,000 capital gain