On July 1,2017,Grey Formed Arucaria Corporation

On July 1,2017,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 1,2017.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