1.What is Kanye's 704(b) book capital account balance at the end of the tax year? (*I answered 423,500 but it was incorrect)

2.What is Kanye's outside basis at the end of the tax year?

At the beginning of the year, Kanye contributed a piece of land (FMV = $300,000; AB = $200,000) in exchange for a 50% capital and profit (and loss) interest in KW Partnership. KW reported the following income and expenses for the current tax year: . Sales revenue: $700,000 . 1231 gain: $60,000 . Long-term capital loss: $10,000 . Qualified dividends: $10,000 . W-2 wages paid to employees: $200,000 . Utilities: $140,000 . Rent: $180,000 No distributions were made this year