On July 1, 2014, Grey Formed Arucaria Corporation

On July 1, 2014, Grey formed Arucaria Corporation. On that same date, Grey contributed $100,000 cash and transferred property with an adjusted basis of $60,000 to Arucaria in exchange for 3,000 shares of the corporation's common stock. The property transferred had a fair market value of $75,000 on the date of the transfer. Arucaria Corporation had no other shares of common stock outstanding on July 1, 2014. As a result of this transaction, Grey's basis in the stock and Arucaria Corporation's basis in the property (other than the cash) , respectively, are:

A) $160,000 and $60,000
B) $160,000 and $75,000
C) $175,000 and $60,000
D) $175,000 and $75,000
E) None of the above