Julie Simmons had a $60\%$ interest in capital and profits of Tri$-$State Partnership. Her basis for

this interest at the beginning of $2022$ was $$5,700.$

During the year, the Tri$-$State distributed the following assets to Julie.

Basis Fair Market Value

Cash $$2,000$ $$2,000$

Machinery $$4,900$ $$6,100$

Inventory $$1,500$ $$2,000$

Office Equipment $$3,000$ $$4,300$

Julie also received a guaranteed payment from the partnership in the amount of $$3,000$ for

management services that she provided. In addition, the partnership had operating income of

$$10,000($before considering any of these other transactions$)$ and LTCLs of $$20,000.$