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| On July 1, 2013, Mr. Grey formed Dover Corporation. The same date Grey paid $100,000 cash and transferred land with an adjusted basis of $50,000 to Dover in exchange for 3,000 shares of its common stock. The land had a fair market value of $85,000 on the date of the exchange. Dover had no other shares of common stock outstanding on July 1, 2013. As a result of the above transaction, Grey’s basis in his stock and Dover’s basis in the land, respectively, are A. $150,000 and $85,000. B. $185,000 and $85,000. C. $150,000 and $50,000. D. $185,000 and $50,000. |