Daniel Transfers Land with a $92,000 Adjusted Basis and a $100,000

Multiple Choice

Daniel transfers land with a $92,000 adjusted basis and a $100,000 FMV to a corporation in a Sec.351 transfer.Immediately after the transfer,Daniel owns 100% of the corporation-stock with a FMV of $15,000.In addition,$85,000 of business-related liabilities are assumed by the corporation with respect to the transfer.No other property is transferred.Daniel's basis in the stock is

A) $0.
B) $7,000.
C) $8,000.
D) $100,000.