Canvas XCIO DE Question 6 Kaylee transfers a super computer to Mel Corporation with a basis of $300,000. The property is worth $700,000 In return, Kaylee receives 72% of Mel Corp.stock, worth $400,000. Kaylee owned 10% of Mel stock prior to the transaction above. How much taxable income, if any, does Kaylee have on the transaction above? 50/None $100,000 $400,000 $700.000 None of the other answer choices are correct. Question 7 True/False A Section 351 transaction can only occur when a corporation is het formed