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Andre formed a corporation and owns all the stock. He contributed property with a FMV of $10,000 and a basis of $7,000 and he received

Andre formed a corporation and owns all the stock. He contributed property with a FMV of $10,000 and a basis of $7,000 and he received $1,000 cash from the corporation. Andre's basis in his stock is:

A. 7,000

B. 8,000

C. 10,000

D. Some other number.

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