A taxpayer uses a vehicle for his sole proprietorship. He purchased the vehicle for $35,000 in Year One and uses it 100% for business. By the end of Year Three he has taken $27,440 in depreciation and had to do a full engine swap for a cost of $7,500. He wants to sell the vehicle. 

What is the basis of this vehicle? (Assume no depreciation is taken on any later adjustments to basis.)