Keegan Incorporated His Sole Proprietorship by Transferring Inventory, a Building

Keegan incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock.The property transferred to the corporation had the following fair market values and tax bases.
$\begin{array}{c}\begin{array}{lll}\\\text {Inventory}\\\text {Building}\\\text {Land}\\\text {Total}\end{array}\begin{array}{rr}\text {FMV }\\\$ \quad 20,000 \\70,000 \\\underline{150,000}\\\underline{\$\quad 240,000} \end{array}\begin{array}{cc} \text { Tax Basis } \\\$ \quad 14,000 \\ 50,000 \\ \underline{100,00 }\\\underline{\$ \quad 164,000} \end{array}\end{array}$
The fair market value of the corporation's stock received in the exchange equaled the fair market value of the assets transferred to the corporation by Keegan.
Assuming the gain or loss realized in the previous problem is deferred under section 351, what is Keegan's basis in the stock he receives in his corporation?

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$164,000
The stock t...

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