Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type B stock-for stock exchange. In exchange,he received stock in Apricot with a fair market value of $342,500. Julian's tax basis in the Lemon stock was $685,000. What amount of loss does Julian recognize in the exchange and what is his basis in the Apricot stock he receives? Multiple Choice No loss recognized and a basis in Apricot stock of $685,000. No loss recognized and a besis in Apricot stock of $342.500 $342,500 loss recognized and a basis in Apricot stock of $685.000 $342.500 loss recognized and a besis in Apnicot stock of $342 500