Jack is a 20% partner in a service partnership. His outside basis is $80,000 on January 1st of 2021. Included in that amount is a $15,000 share of partnership liabilities.

During the year, Jack is allocated the following amounts:

Long-term capital gain: $2,000

Ordinary income of the partnership: $10,000

A guaranteed payment: $60,000

At the end of the year, the partnership relieves him of $5,000 of partnership liabilities and gives him a cash distribution of $40,000. These payments are intended as a partial liquidation of his partnership interest.

What is the amount of Jack's outside basis after all of these events?

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