Ralph transfers property with an adjusted basis of $65,000 and a FMV of $70,000 to Lake Corporation in a Sec. 351 transaction. Ralph receives a stock worth $60,000 and a short-term note having $10,000 FMV. Ralphs basis in the stock is? A) $75,000 B) $70,000 C) $65,000 D) $60,000