Carlos transfers property with a tax basis of $610 and a fair market value of $1,110 to a corporation in exchange for stock with a fair market value of $875 and $86 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $149 on the property transferred. What is the corporation's tax basis in the property received in the exchange? Multiple Choice $1,11 $789 $696 $547