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14. Benito transfers property with an adjusted basis of $65,000 and an FMV of $75,000...

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Accounting

14. Benito transfers property with an adjusted basis of $65,000 and an FMV of $75,000 to a newly formed corporation in a Sec. 351 exchange. Benito receives stock with an FMV of $70,000 and a short-term note with a $5,000 FMV. Benito's basis in the stock is

A) $5,000.

B) $65,000.

C) $70,000.

D) $75,000.

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