Terry forms the camphor corporation during the current year. 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. $125,000
c. $700,000
d. $400,000
e. $450,000
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