Three individuals transferred property to newly formed Triple Inc. in exchange for 1,000 shares of common stock. Mr. Albert transferred assets with a $50,000 tax basis in exchange for 820 shares, Mrs. Billig transferred assets with a $9,000 tax basis in exchange for 148 shares, and Mrs. Crisp transferred $4,000 cash for 32 shares. Based on the FMV of the transferred assets, each Triple share is worth $125. Which of the following isfalse?

Multiple Choice

• Mr. Albert's tax basis in his 820 shares is $50,000.
• Triple Inc.'s tax basis in the assets transferred by Mrs. Billig is $9,000.
• Mrs. Crisp's tax basis in her 32 shares is $4,000.
• None of the above is false.