Joyce, a single taxpayer, transfers property (basis of $120,000 and fair market value of $60,000) to Wren Corporation in exchange for shares of 1244 stock. As the transfer qualifies under 351, Joyce takes a $120,000 basis in the Wren stock. In the current year, Joyce sells the Wren Corporation stock for $40,000. What are the tax consequences of the sale to Joyce? HTML Editor Keyboard Shortcuts