For bona fide business purposes, Dave transferred the following property to X Corp., and X assumed the $50,000 mortgage:

Asset Basis Mortgage Fair Market Value

Building 120,000 50,000 160,000

Various Equipment 60,000 0 40,000

In the exchange, Dave received 100% of X's only class of stock. What is X's basis in the property received in the exchange? A. $130,000 B. $150,000 C. $180,000 D. $200,000