Mary Moore owns 100 shares of common stock of Ajax, Inc. Via a taxable stock distribution, Mary receives 20 shares of Ajax's preferred stock. Assume that Ajax's common stock has a market value of $30 per share. Assume that Mary has a total basis of $1.000 for the 100 shares of Ajax common stock owned at the time of the distribution, what will be the total basis (not basis per share) of the 20 shares of preferred stock that Mary receives in the distribution?

A. $600

B. 0

C. 770

D. 230

E. None of the above