Assume the following with respect to Corporation P:

P contributes property to Corporation S solely in exchange for $75\%$ of Corporation S$\text{'}$s stock

The property to be contributed by P to S had a tax basis of $$100$ to P and a fair market value of $$150$

Based on the course materials, which answer below is most accurate?

$1.$

S$\text{'}$s tax basis in the property acquired from P will be $$100$ AND P$\text{'}$s tax basis in S will be $$100$

$2.$

S$\text{'}$s tax basis in the property acquired from P will be $$150$ AND P$\text{'}$s tax basis in S will be $$150$

$3.$

S$\text{'}$s tax basis in the property acquired from P will be $$100$ AND P$\text{'}$s tax basis in S will be $$150$

$4.$

None of Answers $1$ to $3$ are correct