John, Paul, George, and Ringo form Scarabs, Inc. They contribute and receive the following: Contributed Received Shareholder FMV Adjusted Basis Debt Shares Boot John Cash $400,000.00 $ 400,000.00 400 Paul Property A $430,000.00 $250,000.00 400 $30,000.00 George Property B $630,000.00 $180,000.00 $2,230,000.00 400 Ringo Cash $325,000.00 $325,000.00 400 Services ? ? What basis will the corporation take in Property B?

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