Jack transferred to JKL Corporation, real property that had an adjusted basis to Jack of $45,000. There was a $35,000 mortgage on the property. In exchange for the transferred property, Jack received stock with a fair market value of $65,000 and $25,000 cash, and the corporation assumed the liability on the property. What is Jack's basis in the stock he received?
A. $0
B. $20,000
C. $25,000
D. $45,000