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Jim contributes assets with a collective basis of $ 1 2 3 , 0 0 0 and FMV of $ 2 8 4 , 0

Jim contributes assets with a collective basis of $123,000 and FMV of $284,000 in exchange for 100% of the stock of NewCo., a C corporation. NewCo. also assumes Jim's $161,000 of business liabilities in this transaction. What is Jim's basis in his shares of NewCo.?
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$123,000
$0
$284,000

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