Katrina purchases an interest in the GA partnership on January 1 of the current year for $50,000. The partnership uses the calendar year as its tax year, and has $200,000 in recourse liabilities when Katrina acquires her interest. The partners share economic risk of loss associated with recourse debt according to their loss percentage. Her distributive share of the partnership items for the year is as follows:

Ordinary Income (excluding items listed below)	$30,000
Long-term capital gains	$10,000
Municipal bond interest income	$8,000
Charitable contributions	$1,000
Interest expense related to municipal bond invesstment	$2,000

GA reports the following liabilities on December 31:

Recourse debt	$100,000
Non-recourse debt (not qualified real estate financing)	$80,000

A.) What is Katrina's basis on December 31 if she has a 40% interest in profits and losses? GA is a general partnership. Tina has not guaranteed partnership debt, nor has she made any other special arrangements about partnership debt. (show how you arrived at your answer.)

B.) How would your answer to part A change if Katrina were intead a limited partner having a 40% interest in profits, and a 30% interest in losses? The partnership agreement contains no guarantees or other special arrangements. (Show how you arrived at your answer.)