On September 1, 2012, James Elton received a 25% capital interest in Bredbo Associates, a partnership, in return for services rendered plus a contribution of assets with a basis to Elton of $25,000 and a fair market value of $40,000. The fair market value of Elton’s 25% interest was $50,000. How much is Elton’s basis for his interest in Bredbo?