Hilary exchanges a piece of equipment which she purchased in 2009 at a cost of $20,000 for a new piece of equipment with a fair market value of $18,000. Hilary took depreciation on the equipment she is giving up of $8,000 and its current fair market value is $15,000. To equalize the transaction, Hilary is giving $3,000 in cash to Bill, the owner of the replacement property. Hilary's basis in the property she received in the exchange is:

	a.	$15,000.
	b.	$12,000.
	c.	$18,000.
	d.	$20,000.