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Mario and Lupita form a corporation in a transaction coming under Sec. 351. Lupita transfers property with an adjusted basis of $150,000 and an FMV
Mario and Lupita form a corporation in a transaction coming under Sec. 351. Lupita transfers property with an adjusted basis of $150,000 and an FMV of $200,000 in exchange for onehalf of the stock. The property has an $80,000 mortgage, which the corporation assumes. The corporation's basis in the property is
A.130,000
B. 200,000
C. 150,000
D. 80,000
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