Jim, Betty, and Bill Form Crow Corporation

Jim, Betty, and Bill form Crow Corporation. Jim and Betty each contribute cash of $500,000, while Bill contributes land (basis of $550,000; fair market value of $600,000) . Each shareholder receives one-third of Crow's stock, and Bill also receives $100,000 in cash. Which, if any, of the following choices is a correct result of the incorporation?

A) Bill's basis in the Crow stock is $650,000.
B) Crow Corporation's basis in the land is $550,000.
C) Crow's basis in the land is $650,000.
D) Crow's basis in the land is $600,000.
E) None of the above.