In the current year, Dove Corporation (E & P of $1 million) distributes all of its property in a complete liquidation. Alexandra, a shareholder, receives land having a fair market value of $100,000. Dove Corporation had purchased the land as an investment three years ago for $75,000, and the land was

distributed subject to a $70,000 liability. Alexandra took the land subject to the $70,000 liability. What is Alexandras basis in the land?