In May of the current year, S makes a gift of land (basis of $60,000; FMV of $240,000) to his Aunt T. After the gift, Aunt T makes $12,000 worth of capital improvements to the land. Aunt T dies in April of next year when the property is worth $246,000. Under Aunt T's will, the property passes to U, who is S's wife. What is U's basis in the property?