Partnership Formation (LO 10.2) Elaine's original basis in the Hombeam Partnership was $76,000. Her share of the taxable income from the partnership since she purchased the interest has been $304,000, and Elaine has received $228,000 in cash distributions from the partnership Elaine did not recognize any gains as a result of the distributions. In the current year, Hornbeam also allocated $38,000 of tax-exempt interest to Elaine Calculate Elaine's current basis in her partnership Interest, X