Mark purchases some land for $$88,000.$ He paid $$13,000$ as a cash down payment and finthotd the remaining amount. Cloting costs were $$3,000.$ What is his basis in the property?

Select one:

e$75\mathrm{.}000$

b$.$ $$16,000$

c$.$ $$88,000$

$($d$.994,000$