Miguel has a 50% interest in partnership capital, profits and losses. The basis for his partnership interest is $50,000. The partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Miguel receives a distribution of land that has a FMV of $40,000 and an adjusted basis of $30,000. The land is subject to a $15,000 liability which Miguel assumes. What is Miguel's basis in the partnership interest following the distribution of land?