CoursHeroTranscribedText: 8. In a section 351 transaction where the shareholder transfers property (basis of $10, fmy of $20) subject to a business debt (debt of $3) to a corporation in which he receives only the corporation's stock representing a controlling interest, the corporation's basis in the property received will be: A. _ Equal to the basis of the property transferred less the amount of the debt. B. Equal to the basis of the property transferred less the debt the corporation takes the property subject to plus the recognized gain. C. Equal to the basis of the property transferred. D. Equal to the basis of the property transferred plus the debt the corporation takes the property subject to plus the realized gain. 9. In a section 351 transaction the basis to the corporation when receiving multiple assets from a shareholder should be: A. Allocated between the assets based on their respective fair market values. B. Equal to the basis of each respective asset. C. Allocated between the assets when the assets are appreciated property. D. Equal to the basis of the respective asset only when both assets are depreciated property