Rachelle transfers property with a tax basis of $985 and a fair market value of $1,200 to a corporation in

Rachelle transfers property with a tax basis of $985 and a fair market value of $1,200 to a corporation in exchange for stock with a fair market value of $835 and $71 in cash in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $294 on the property transferred. What is the corporation's tax basis in the property received in the exchange?