Question 73 of 75. Max converted his sole proprietorship to an S corporation and transferred several assets to the corporation. The assets cost $15,000 and had an adjusted basis of $8.000. He also spent an additional $700 to make the conversion to an S corporation. What is his beginning basis in the S corporation? O $8,000 O $8,700 O $15,000 O $15.700 Question 75 of 75. These are all recorded on the Schedule M-2, EXCEPT: Accumulated adjustments account. Accumulated earnings and profits. Retained earnings. Shareholder's undistributed taxable income previously taxed. O Mark for follow up Summary Back Save / Return Later