John transfers assets with a $200,000 FMV (basis $160,000) and $170,000 of business-related liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $130,000. The corporation assumes the $170,000 mortgage. The transfer qualifies under Sec. 351. What is the corporation's basis in the property?
A. $170,000
B. $200,000
C. $190,000
D. $160,000
Answer: A
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