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Lonnie Davis has been a general partner in the Highland Partnership for many years and is also a sole proprietor in a separate business. To spend more time focusing on his sole proprietorship, he plans to leave Highland and will receive a liquidating distribution of $64,750 in cash and land with a fair market value of $124,000 (tax basis of $161,250). Immediately before the distribution, Lonnies basis in his partnership interest is $391,000, which includes his $65,500 share of partnership debt. Highland Partnership does not hold any hot assets.

b. What is Lonnies basis in the land?