Fred contributes land worth $105,000 to PDC LLC in exchange for a one-third interest in the partnership. The other partner, Jeff, contributes $120,000 cash in exchange for a two-thirds interest in the partnership. Fred's basis in the land is $55,000, and the land is subject to a $45,000 mortgage that PDC assumes. After the contribution, all liabilities of the land are borne by PDC (and Fred's share is $15,000). What is Fred's basis in PDC