Jeff bought land with a building on it that he planned to use in his business. His costs in connection with this purchase were as follows:

Cash down payment

$ $30,000$

Mortgage on property

$125,000$

Survey costs

$2,500$

Transfer taxes

$1,200$

Charges for installation of gas lines

$3,000$

Back taxes owed by seller and paid by Jeff

$1,600$

What is Jeff$$s basis in this property?

A$.$

$$162,100$

B$.$

$$160,300$

C$.$

$$163,300$

D$.$

$$157,800$