Regarding the basis of the corporation in property received in a Section 351 exchange, select ALL the true statements from the list below.

The general rule is that the corporation's basis of property received in a Section 351 exchange is the same as the basis of the shareholder in the property.

The general rule is that the corporation's basis of property received in a Section 351 exchange is the same as the basis of the shareholder in the property plus any gain that was recognized by the shareholder in a Section 351 transaction.

The general rule is that the corporation's basis of property received in a Section 351 exchange is the same as the fair market value of that property at the time of the contribution.

A departure from the general rule may be followed if a shareholder contributes property with an overall built-in loss