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Harry forms the Nectarine Corporation during the 2013 tax year. To form the corporation, Harry...

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Accounting

Harry forms the Nectarine Corporation during the 2013 tax year. To form the corporation, Harry transfers assets having a fair market value of $650,000 to Nectarine Corporation for 100 percent of the corporation's stock. Harry's adjusted basis in the assets transferred was $350,000 and Nectarine Corporation assumed a $200,000 mortgage on the assets. If the fair market value of the stock received by Harry is $450,000, what is his basis in the stock received from the corporation?

A. $150,000

B. $200,000

C. $350,000

D. $450,000

E. None of the above

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