assume the tax rate for all c-corporations is 21%

Question 8 2.5 pts Olga transfers land worth $315,000 to Meade Corporation. In exchange, Olga receives some shares of Meade common stock worth $120,000. Olga has a $195,000 mortgage on the land, which Meade assumes as part of the transaction. Olga purchased the land several years ago for $160,000. Assume the transaction qualifies for Sec. 351 treatment because the 80% control requirement is met What is Olga's basis for the Meade stock she receives? $35,000 $160,000 O $315.000 $0