Julian transferred 100 percent of his stock in the lemon company to the Apricot Corporation in. Type B stock for stock exchange. In exchange, he received stock in Apricot with a fair value of $325,000. Julian's tax basisin the Lemon Stock was $650,000. What amount of loss does Julian recognize in the exchange and what in his basis the Apricot stock he reveives?

Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type B stock-for stock exchange. In exchange, he recelved stock in Apricot with a fair market value of $325,000. Jullan's tax basis in the Lemon stock was $650,000. What amount of loss does Jullan recognize in the exchange and what is his basis in the Apticot stock he recelves? Muitiple-cholce $325,000 loss recogncred and a bosis in Apiccot stock of $325,000 No loss recognited and a bosis in Apricot stock of $050,000 \$375,000 ioss recognized and a basis in Apeicot stock of $650000 No ioss recognized and a basis in Apricot siock of $325000