Jeremiah owns farm land that he paid $20,000 for in 1998. In 2009, he planted a winter wheat crop on the land, incurring $35,000 of expenses. Jeremiah deducted the

$20,000 of planting expenses that he paid in 2009. He pays the remaining $15,000 of expenses in 2010. Jeremiah sells the land together with the unharvested wheat crop for

$110,000 in 2010. Determine the tax consequences of the sale of the land.