In a section $351$ transaction, Darla contributed real property to Ilix Corporation with a liability of $$200,000$ that is assumed by the corpration. Which of the following statements best describes the tax results to a shareholder in a $351$ transaction when liabilities on property transferred to the corporation are assumed by the corporation?

Question $34$ options:

Liabilities assumed by a corporation on a $351$ transfer are treated as boot if there is no business purpose for the assumption of the liabilities by the corporation.

Liabilities assumed by a corporation on a $351$ transfer are never treated as boot.

Liabilities assumed by a corporation on a $351$ transfer are treated as boot if the total liabilities assumed exceed the total basis of the assets transferred.

Liabilities assumed by a corporation on a $351$ transfer are always treated as boot.