Henry, Hunter, and Harry formed a partnership (Widget Unlimited) on January 1, 2020. Henry and Hunter each contributed $200,000 and Harry transferred a building he had purchased two years earlier to the partnership. The building had a tax basis of $150,000 and was appraised at $300,000. The building was also encumbered with a $100,000 mortgage. The partners plan to use the building to manufacture, distribute, and sell green and purple widgets.

Harry will work full time operating the business for which he will receive guaranteed payments (not included in expenses) of $5,000 per month. Henry and Hunter will devote less than twelve days a year to the business. At the end of 2020, Widgets Unlimited had made $6,000 in mortgage principal payments. The partnership agreement specifies that Henry, Hunter, and Harry will share in income/loss in the ratio of 3:3:4.

For the first year of operation, the partnership records disclose the following information:

Sales revenue	$820,000
Cost of goods sold	$735,000
Operating expenses	$65,000
Long-term capital gains	$3,300
~1231 gains	$1,500
Charitable contributions	$700
Political campaign donation	$500
Municipal bond interest	$450

What is the beginning basis and the ending basis?