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Terry forms the Camphor Corporation during 2015. She transfers property with a value of $700,000...

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Accounting

Terry forms the Camphor Corporation during 2015. She transfers property with a value of $700,000 to Camphor Corporation in exchange for 100 percent of the stock in the corporation. Terry's basis in the property transferred was $400,000 and the corporation assumed a $275,000 mortgage on the property. If the fair market value of the stock received by Terry is $450,000, what is the corporation's basis in the property received from Terry?

A. $275,000

B. $400,000

C. $700,000

D. $450,000

E. $125,000

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