William transfers real property with a fair market value of $150,000 and an adjusted basis of $100,000 to westminster corporation. he has owned the property for seven years. in return, he receives all

William transfers real property with a fair market value of $150,000 and an adjusted basis of $100,000 to westminster corporation. he has owned the property for seven years. in return, he receives all 2,500 shares of stock in westminster corporation with a fair market value of $120,000, as well as a note for $50,000 payable in one year. what is william's basis in the westminster stock?