Standard Corporation and its wholly owned subsidiary, Savings Corporation, operated on a calendar year. In January Year 1, Savings adopted a plan of complete liquidation. Two months later, Savings paid all of its liabilities and distributed its remaining assets to Standard. These assets consisted of the following:

Cash $60,000

Land (at cost) 20,000

Fair market value of the land was $40,000. Upon distribution of Savings assets to Standard, all of Savings capital stock was canceled. Standards basis for the Savings stock was $7,000. Standards basis in the assets received in Savings liquidation is

$92,000

$80,000

$100,000

$72,000