If stock and Sec. 351 exchange, the transferor must allocate the total basis in the boot property contributed property between the stock and boot property based are both on the relative FMVs of the stock and the boot property. received in a D)
If stock and boot property are both received in a Sec. 351 exchange, the transferor must allocate the total basis in the contributed property between the stock and boot property based on the relative FMVs of the stock and the boot property. D)