Rachelle transfers property with a tax basis of $1,220 and a fair market value of $1,430 to a corporation in exchange for stock with a fair market value of $1,075 and $128 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $227 on the property transferred. What is the corporation's tax basis in the property received in the exchange?

Multiple Choice

• $1,430

• $1,348

• $1,220

• $1,075