Jeremiah owns farm land that he paid $20,000 for in 2004. In 2015, 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 2015. He pays the remaining $15,000 of expenses in 2016. Jeremiah sells the land together with the unharvested wheat crop for $110,000 in 2016. Determine the tax consequences of the sale of the land.