QUESTION 8 In a Section 351 transaction, Ed transfers property to his corporation. His basis in the property was $9,000 and he received $7,000 in stock and $3,000 in cash (boot). How much gain will he recognize? Zero $1,000. $3,000. $10,000 QUESTIONS In Question 8, above, the shareholder's basis in his stock will be $7,000. True False QUESTION 10 In Question 8, above, the corporation's basis in the property will be $9,000. True False