James and his daughter, Lydia, own 100% of Garden Co. James owns 100 shares which he acquired in 2015 for $15200. Lydia owns 100 shares which she acquired in 2017 for $25000. Garden Co.'s current E&P in year 2023 is $71900. On March 18, 2023, Garden Co. redeemed 35 shares from James in return for land worth $57400 and an adjusted basis of $11480. What is James's tax basis in his remaining 65 shares