Colten has several items for personal use he purchased over the past couple of years; however, he has converted them to business use this year. The FMV of the assets was $17,644, and the basis was $22,000 when they were converted to business property. Colten's uncle Matt gave him new equipment for use in the business, which had a cost basis of $9,650 and a FMV of $10,000. In addition to the items listed above, Colten purchased additional tools and various equipment totaling $24,745. He also purchased software for his business, which cost $3,215, and a security system for the building, which cost $4,975. What is the basis of the business assets?

a) $60,229

b) $64,640

c) $54,990

d) $50,579