Tarick and Rosita form Pelican Corporation. Tarick transfers land with a basis of $60,000 and a fair market value of $140,000. Rosita transfers land with a basis and fair market value of $120,000. Tarick also receives $20,000 in cash from Pelican. They each receive 50 shares of Pelican Corporation worth $120,000. What is Tarick's basis in the Pelican stock?

a. $60,000

b. $100,000

c. $120,000

d. $0

e. $80,000