A owns a Ferris wheel with a $$100,000$ adjusted basis $($AB$)$ and a fair market value $($FMV$)$ of $$975,000.$

B has $20$ shares of $3$ Flags AInusement Park FAP$).$

A agrees to exchange the Ferris wheel for $80$ shares in FAP that have a FMV of $$972,000,$ $$2,000$ in cash and costumes with a FMV of $$1,000.$

After the exchange, A is diagnosed with an illness and decides to sell his stock and retire.A sells the $80$ shares for $$972,000.$

The corporation's basis in the Ferris wheel:

Asset FMV$+$ gain realized by the transferor

Asset $AB+$ gain realized by the transferor

is equal to the FMV value of the $80$ shares

is subject to the built in loss limitation rule

none of the above