On May 26, 2018, Joe formed Adele Corp. On that same date, Joe contributed $100,000 cash and transferred property with an adjusted basis of $60,000 10 Adele in exchange for 5,000 shares of the corporation's common stock. The property transferred had a fair market value of $75,000 on the date of the transfer Adele Corporation had no other shares of common stock outstanding on July 1, 2018. As a result of this transaction, Joe's basis in the stock and Adele Corporation's basis in the property (other than the cash), respectively, are: a. $160,000 and $60,000 b. None of the above c. $160,000 and $75,000 d. $175,000 and $75,000 e. $175,000 and $60,000 QUESTION 32 On May 26, 2018, Joe formed Adele Corp. On that same date, Joe contributed $100,000 cash and transferred property with an adjusted basis of $60,000 to Adele in exchange for 5,000 shares of the corporation's common stock. The property transferred had a fair market value of $75,000 on the date of the transfer. Adele Corporation had no other shares of common stock outstanding on July 1, 2018. As a result of this transaction, Joe's basis in the stock and Adele Corporation's basis in the property (other than the cash), respectively, are: a. $160,000 and $60,000 b. None of the above $160,000 and $75,000 d. $175,000 and $75,000 e $175,000 and $60,000