Allison, Keesha, and Steven each own equal interests in KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Stevens basis in his partnership interest is $28,500. During January and February, the partnership generates $31,980 of ordinary income and $4,968 of tax-exempt income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $48,300. The partnership has the following assets and no liabilities at the sale date:

		Tax Basis		FMV
Cash	$	33,000		$	33,000
Land held for investment		33,000			66,000
Totals	$	66,000		$	99,000

a. Assuming KASs operating agreement provides for an interim closing of the books when partners interests change during the year, what is Stevens basis in his partnership interest on March 1 just prior to the sale?

c. What is Juan's initial basis in the partnership interest?

d. What is the partnerships basis in the assets following the sale?