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James transfers property with a basis of $12,000 and a fair market value of $17,800...

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Accounting

James transfers property with a basis of $12,000 and a fair market value of $17,800 to Garfield
Corporation in exchange for stock with a fair market value of $12,000 and $3,920 in
cash. Garfield Corporation assumed a liability of $1,880 on the property transferred. Assume the
transaction qualifies for $351. What is Garfield Corporation's basis in the property received in the
exchange?
$15,920
$17,800
$12,000
$13,880
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