Wally, Xander, Zay formed WXZ Partnership. Wally contributed land with a fair market value of $50,000 (basis of $10,000) in exchange for a 50% interest (capital and profits/losses). Zay contributed services worth $30,000 in exchange for a 40% profit interest (profit interest only; no capital interest). Xander owns the remaining interest in the partnership.

What is Wally's outside basis in his partnership interest immediately after contribution of the land? Assume that the partnership interest William received was worth $50,000.