rr Enabled: Module Four Quiz @ Saved Help Save & Exit Submit TB MC Qu. 8-66 (Algo) Julian transferred 100 percent of his stock... Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type B stock-forstock exchange. In exchange, he received stock in Apricot with a fair market value of $240,000. Julian's tax basis in the Lemon stock was $480,000, What amount of lass does Julian recognize In the exchange and what Is his basis in the Apricot stock he receives? & Multiple Choice @ $240,000 loss recognized and a basis in Apricot stock of $240,000 No loss recognized and a basis in Apricot stock of $480,000 ) $240,000 loss recognized and a basis in Apricot stock of $480,000 CE No loss recognized and a basis in Apricot stock of $240,000