On September 30th of last year, Holly received some investment land from Bea as a gift. Bea's adjusted basis in the land was $50,000 and the land was valued at $40,000 at the time of the gift (Fair Market Value at time of the gift is lower than donor's adjusted basis).

Bea acquired the land five years ago. What is Holly's basis in the land if she sells the land on May 12th this year for $32,000?

Question options:

	32,000
	40,000
	50,000
	None of the above