Lockwood Corporation purchased land. The contract sales price was $122,000 and Lockwood Corporation had to pay all the closing costs, including the unpaid real estate taxes form the first of the year. The estimated real estate taxes for the year are $1,200. The date of sale was June 1. The closing costs other than the real estate taxes and prepaid items were $3,100. What is Lockwood Corporations adjusted basis in the land? Explain. Cite Tax Code.