At the beginning of the year, Charles is a 20% partner in the LMC Partnership. His outside basis at that time is $250,000. Included in that amount is his 20% share of partnership recourse liabilities in the amount of $100,000.

During the year, Charles receives a guaranteed payment of $100,000 for services to the partnership. His share of ordinary partnership income for the year is $80,000. He is allocated $5,000 of capital loss from the sale of investments by the partnership and he is also allocated $2,000 of tax-exempt interest from state and local bonds owned by the partnership.

On the last day of the partnership tax year, Charles receives a cash distribution of $120,000. The partnership also agrees to reallocate $40,000 of recourse liabilities away from him and to other partners. These moves are made in partial liquidation of his partnership interest in that he has a smaller share of the partnership afterward.

What is Charles’ outside basis after all of these events?