In year one, A and B form the AB equal partnership, with A contributing property with an FMV of $100,000 and a basis of $60,000, and B contributing $100,000 cash. In year one, the partnership:

• had an ordinary income of $30,000
• had municipal bond interest of $2,000
• made a $500 political contribution to a presidential campaign, and
• paid As property taxes on his residence of $9,000.

In addition, A was distributed some property with an FMV of $10,000 and a basis of $12,000 (assume there is no disguised sale in this problem).

What is As basis in the partnership at the end of the year?

Group of answer choices

$56,750 basis

$63,750 basis

$54,750 basis

$82,500 basis