Henry transfers property with an adjusted basis of $95,000 and an FMV of $100,000 to a newly formed corporation in a Sec. 351 exchange. Henry receives stock with an FMV of $85,000 and a short- term note with a $15,000 FMV. Henry's basis in the stock is

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The Answer of Henry transfers property with an adjusted basis of $95,000 and an FMV of $100,000 to a newly formed corporation in a Sec. 351 exchange. Henry receives stock with an FMV of $85,000 and a short- term note with a $15,000 FMV. Henry's basis in the stock is

Henry Transfers Property with an Adjusted Basis of $95,000 and an FMV