please explain in details

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 $207,500. Julian's tax basis in the Lemon stock was $415,000. What amount of loss does Julian recognize in the exchange and what is his basis in the Apricot stock he recelves? Mutiple Choice $207,500 loss recognized and a basis in Apricot stock of $207,500 No loss recognued and a basis in Apricot stock of $415,000 $207,500 loss recognized and a basis in Apricot stock of $415,000 No loss recogrired and a basis in Agricet stock of 3207,500