Kellye and Becky create Whoop! Shotz Corporation by contributing property with a fair market value of $50,000 and cash of $70,000 respectively. Each receives 50% share in the company, which is valued at $150,000 immediately after the formation. The property has an adjusted basis of $25,000 and is subject to a $10,000 mortgage, which is assumed by the company. What gain will Kellye recoginize in this situation?

-A. $10,000

-B. $25,000

-C $15,000

-D $0.00