John Transfers Assets with a $200,000 FMV (Basis $160,000) and $170,000

John transfers assets with a $200,000 FMV (basis $160,000) and $170,000 of business- related liabilities to a corporation in exchange for 100% of the corporation's stock with a FMV of $130,000. The corporation assumes the $170,000 mortgage. The transfer qualifies under Sec. 351. What is the corporation's basis in the property?

A) $200,000
B) $160,000
C) $190,000
D) $170,000