Carlos transfers property with a tax basis of $985 and a fair market value of $1,235 to a corporation in exchange for stock with a fair market value of $985 and $80 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $170 on the property transferred. What is the corporation's tax basis in the property received in the exchange? Multiple Choice $1,235 $905 $1,065 $895