Enabled: Module Four Quiz Saved Help Save & Exit TB MC Qu. 8-35 (Algo) Carlos transfers property with a tax basis... Carlos transfers property with a tax basis of $790 and a fair market value of $1,185 to a corporation in exchange for stock with a fair market value of $860 and $91 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $234 on the property transferred. What is the corporation's tax basis in the property received in the exchange? Multiple Choice O $1.185 O $769 O $881 O $647 DELL