Kellye and Becky create Whoop! Shotz Corporation by contributing property with a fair market value of $50,000 and cash of $70,000, respectively. Each receives a 50% share in the company, which is valued at $150,000 immediately after the formation. The property has an adjusted basis of $25,000 and is subject to a $10,000 mortgage, which is assumed by the company. What gain will Kellye recognize in this situation?

a. $0

b. $10,000

c. $15,000

d. $25,000