Gearty and Olinto organized The Worthington Corp., which issued voting common stock with a fair market value of $240,000. They each transferred property in exchange for stock as follows:

	Property	Adjusted Basis	Fair Market Value	Percentage of The Worthington Corp. Stock Acquired
Gearty	Building	$80,000	$164,000	60%
Olinto	Land	10,000	96,000	40%

The building was subject to a $20,000 mortgage that was assumed by The Worthington Corp. What was Gearty's basis in The Worthington Corp. stock?

a.$164,000

b.$80,000

c.$60,000

d.$0