Carlos transfers property with a tax basis of $755 and a fair market value of $1,035 to a corporation in exchange for stock with a fair market value of $850 and $52 In cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $133 on the property transferred. What is the corporation's tax basis in the property received in the exchange? Multiple Choice $1,035 $807 $674 $798