AB Partnership was formed on March 1, 2020, with individuals A and B making the following contributions:

• A- Cash of $110,000
• B- land with a FMV of $120,000 and a basis of $100,000.

A and B share profits and losses equally. A is a general partner and B is a limited partner. The following are the current year figures for AB Partnership.

Sales 600,000

COGS 300,000

Salaries & Wages 100,000

Payroll taxes for employees 10,000

Guaranteed payment to A 45,000

Operating Expenses 110,000

Charitable Contributions 30,000

Nonrecourse Debt 110,000

Accounts Payable 20,000

Legal Fees 4,000

Calculate the following:

• AB's Taxable Income for 2020
• Items allocated to A
• Items allocated to B
• A's basis in partnership at the end of 2020
• B's basis in partnership at the end of 2020