Mr. Florida is a 50% partner in Everglades Partnership. Mr. Florida contributed 20,000 in cash upon formation of Everglades. During year 1, Everglades borrowed 5,000 to purchase equipment. Year 1 resulted in 28,000 net taxable income, 4,000 tax-exempt interest income, a 4,000 reduction of debt and a 2,000 distribution made to each partner. At the end of this first year of operations, what should Mr. Floridas basis in his Everglades partnership interest be?