Ron transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of business-related liabilities to a...

 

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Ron transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of business-related liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $30,000. The corporation assumes the $70,000 mortgage. The transfer qualifies under Sec. 351. What is the adjusted basis of the stock received? A) $0 B) $30,000 C) $70,000 D) $60,000 Ron transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of business-related liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $30,000. The corporation assumes the $70,000 mortgage. The transfer qualifies under Sec. 351. What is the adjusted basis of the stock received? A) $0 B) $30,000 C) $70,000 D) $60,000

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