Partnership Formation (LO 10.2)

Elaine's original basis in the Hornbeam Partnership was $87,000. Her share of the taxable income from the partnership since she purchased the interest has been $348,000, and Elaine has received $261,000 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 $43,500 of tax-exempt interest to Elaine.

Calculate Elaine's current basis in her partnership interest.