The Stock of OVER Corp is owned 40% by Steel Corporation, 40% by John Jones and 20% by Jill Greene.As of June 30, 2019, OVER Corp had the following assets:

Adjusted BasisFMV

Cash$20,000$ 20,000

Equipment32,00060,000

Land47,00040,000

Verizonstock25,00030,000

Steel Corporation acquired its stock in 1995 paying $27,000 for it, Jones acquired his stock in 1999 paying $60,000 for it and Greene acquired her stock in 2009 paying $23,000 for it.None of the assets of OVER Corp. had been acquired in the prior two years.On June 30, 2019, OVER Corp. adopts a plan of liquidation and immediately distributes its assets to Steel Corporation, Jones and Greene.Steel Corporation receives the Equipment, Jones receives the Cash and the Land and Greene receives the Verizon stock.

What is Jones' basis in the Land he receives?