On August 15 of the current year, Harold received 100 shares of the stock as an inheritance from his mother, Mona, who died on January 20. Mona's adjusted basis in the stock was $45,000. The stock had a fair market value of $50,000 on January 20. On July 20, its value was $65,000 and on the date Harold received it (September 20), its value was 48,000. The alternative valuation date was not selected. Harold's basis in the inherited stock is?