Dan purchases a 25% interest in the Haymarket Partnership for $20,000 on January 1 and begins to materially participate in the partnership's business. The Haymarket Partnership uses the calendar year as its tax year. At the time of the purchase, the Haymarket Partnership has $2,000 in liabilities, and Dan's share is 25%. During the year, the Haymarket Partnership incurs $100,000 in losses and its liabilities increase by $4000. Dan also received $30,000 guaranteed payment during the year. What is Dan's basis in his partnership interest on December 31?