Dennis contributed business assets to a new business in exchange for stock in the company. The exchange did not qualify as a tax- deferred exchange. The fair market value of these assets was $370,000 on the contribution date. Dennis's original basis in the assets he contributed was $218,000, and the accumulated depreciation on the assets was $136,500. a. What is the business's basis in the assets it received from Dennis? b. What would be the business's basis if the transaction qualified as a tax-deferred exchange? a Business's basis b. Business's basis