Abel, Ben, and Carol form New General Partnership at the beginning of the current year. Abel and Ben each contribute 100,000 to the partnership, and Carol contribute land to the partnership. Carol has a basis in the land of $70,000 and the land had a fair market value at the time of the contribution to the partnership of 170,000 and was encumbered by a $60.000 nonrecourse mortgage for which no one was personally liable. All three partners agreed to split profits and losses from the partnership equally. At the end of the first year of operation, the partnership made a payment of $6,000 on the mortgage on the land. At the end of the first year of operation of the partnership, the partnership records disclose the following information:

Sales revenue $490,000

Cost of goods sold 450,000

Operating expenses 63,000

Long-term capital gain 2,400

Section 1231 gain 900

Charitable contributions 600

Municipal bond interest received 300

Salary paid to Ben as a guaranteed payment 3,000

(a) Determining adjusted basis: Calculate the adjusted outside basis of each partners interest in the partnership at the end of the first year of partnership operations.

(b) Determining separately stated items: What amount of partnership income will be allocated to each partner at the end of the first year that the partnership operates, and what separately stated items will be allocated to each partner?