Jeremiah owns farm land that he paid $20,000 for in 2009. In 2020, he planted a winter wheat crop on the land, incurring $35,000 of expenses. Jeremiah deducted the $20,000 of planting expenses that he paid in 2020. He pays the remaining $15,000 of expenses in 2021. Jeremiah sells the land together with the unharvested wheat crop for $110,000 in 2021. Determine the tax consequences of the sale of the land.