At the end of year 1, Tony had a tax basis of $40,000 in Tall Ladders, Limited Partnership. Tony has a 20 percent profits interest in Tall Ladders. For year 2, Tall Ladders will pay Tony a $10,000 guaranteed payment for extra services he provides to the partnership. Given the following Income Statement and Balance Sheet from Tall Ladders, what is Tony's adjusted tax basis at the end of year 2? (Show all work)

TALL LADDERS, LP
	Income Statement Year 2
	Sales	65,000
	COGS	(47,000	)
	Gross Profit	18,000
	Interest Income	3,000
	Dividends	5,000
	Long Term Capital Gain	10,000
	Other Income	15,000
	Total Other Income	33,000
	MACRS Depreciation	(20,000	)
	Guaranteed Payments	(10,000	)
	Charitable Contribution	(10,000	)
	Fines and Penalties	(4,500	)
	Other Expenses	(8,500	)
	Total other Expenses	(53,000	)
	Net Income (Loss)	(2,000	)

TALL LADDERS, LP
Balance Sheet
	Year 1	Year 2
Assets	120,000	270,000
Nonrecourse Liabilities	50,000	180,000
Partner's Capital	70,000	90,000