Jones and Curry formed Major Partnership as equal partners by contributing the assets below:

		Adjusted	Fair Market
	Asset	Basis	Value
Jones	Cash	$45,000	$45,000
Curry	Land	30,000	57,000

The land was held by Curry as a capital asset, subject to a $12,000 mortgage, which was assumed by Major.

What was Joness initial basis in the partnership interest?

$45,000

$51,000

$39,000

$33,000