Riley forms Elm Corporation during the current year. They transfer property with a fair market value of $550,000 to Elm Corporation in exchange for 100 percent of its stock. Riley's basis in the property transferred was $250,000, and the corporation assumed a $150,000 mortgage on the property. If the fair market value of the stock received by Riley is $400,000, what is the corporation's basis in the property received from Riley, and what is Riley's basis in the stock? a. $400,000 and $550,000 b. $250,000 and $150,000 c. $100,000 and $100,000 d. $250,000 and $100,000