Travis transfers property with a tax basis of $5,000 and a fair market value of $6,000 to a corporation in exchange for stock with a fair market value of $3,000 and $2,000 in cash in a transaction that qualifies for deferral under 351. The corporation assumed a liability of $1,000 on the property transferred. What is Travis's tax basis in the stock received in the exchange?

Group of answer choices

$5,000

$3,000

$6,000

$4,000

None of the Above