Lucy transfers property with a tax basis of $$400$ and a fair market value of $$600$ to a corporation in exchange for stock with a fair market value of $$500$ in a transaction that qualifies for deferral under section $351.$ The corporation assumed a liability of $$100$ on the property transferred. What is the corporation's tax basis in the property received in the exchange?

$$300$

$$400$

$$500$

None of the above.