During 2022, Evan Bauer, Jack Ling, and James Goode decided to form a partnership called Three Cows BBQ. Evan was only willing to join the partnership as a limited partner. In return for gaining the limited liability, Evan agreed to take a smaller share of the profits to compensate the other two partners. This allocation agreement meets the substantial economic effect criterion of the regulations. In addition, the partnership agreement stipulated that Jack and James are required to restore any deficit balances in their capital accounts.

In forming the partnership, Evan contributed cash of $25,000 in return for a 25% interest in capital and a 15% interest in profits. Jack contributed land used in business, with an FMV of $50,000 and an adjusted basis of $40,000.

In return, he received a 50% interest in capital and a 55% interest in profits. Finally, James contributed machinery used in his business with an FMV of $25,000 and a basis of $22,000. In return, he received the remaining 25% interest in capital and a 30% interest in profits.

After forming, the partnership purchased equipment using $20,000 of the cash contributed by Evan and incurring a recourse liability of $80,000.

Using this information, prepare, determine and report each partner's basis in their partnership interest at the end of this first year.