On July 1, Clark Cootes acquired a 20% interest in the partnership of Davis & Denny, by contributing a parcel of land for which his basis was $8,000. At the date of the contribution, the land had a fair market value of $20,000 and was subject to a mortgage of $4,000. Responsibility for the mortgage was assumed by the partnership. Assuming there are no other partnership liabilities, what is the basis of Clark's interest in the partnership?