Mel,Fred,and Mary Form Canary Corporation

Mel,Fred,and Mary form Canary Corporation.Mel and Fred each contribute cash of $250,000,while Mary contributes land (basis of $100,000;fair market value of $300,000) .Each transferor receives one­third of Canary's shares,and Mary also receives $50,000 in cash.Which,if any,of the following choices is a correct result of the incorporation?

A) Canary Corporation's basis in the land is $100,000.
B) Canary's basis in the land is $150,000.
C) Canary's basis in the land is $300,000.
D) Mary's basis in the Canary stock is $450,000.
E) None of these.