Emanuel contributed $10,000 in exchange for a 40% profit (and loss) interest in EF Partnership. Fabio contributed land (FMV = $10,000; AB = $5,000) in exchange for a 60% profit (and loss) interest in EF Partnership. The partnership agreement specifies that the first $5,000 in profits (ever, not each year) will be allocated to Emanuel.

This year (first year of operation), EF Partnership generated income of $100,000 and deductions of $92,000 (net ord. business income or profit of $8,000). There were no separately stated items. $1,000 was distributed to Emanuel this year; no distribution was made to Fabio.

After all account balances are adjusted for the first year allocations and distributions, what is Emanuel's outside basis in his partnership interest?