On March 15, 2019, Old Corp. distributes land to Jones, one of its shareholders. The land had a FMV of $65,000.The land had an adjusted basis in Old Corp.'s hands of $45,000.Old Corp. had pre-distribution current earnings and profits of $53,000 for the year ending December 31, 2019.It had no accumulated earnings and profits.Jones' adjusted basis in his stock is equal to $20,000.

What is the basis of the land in Jones' hands?