James contributed property worth $80k, with an adjusted basis of $10k for 25% interest in a partnership. During the first year, partnership had gains of 200k taxable income and a tax-exempt gain of $4k. His share of recourse was $20k on the last day of the partnership. $10k distribution in cash received from partnership. What is Jamess adjusted basis for his partnership interest at the end of the tax year? Please include an explanation.