Partnership VOL makes a current distribution of $20,000 cash and land to Partner V who has a one-third interest in the capital and profits of VOL.

Partnership VOL makes a current distribution of $20,000 cash and land to Partner V who has a one-third interest in the capital and profits of VOL.  V's basis in his partnership interest before the distribution is $50,000. The land has an adjusted basis of $25,000 and fair market value of $35,000.  What is V's basis in the land after the distribution? Assume the distribution is proportionate.