Problem $14-54($LO $14-2,14-3)$

Wade has a beginning basis in a partnership of $$23,000.$ His share of income and expense from the partnership consists of the following amounts:

Ordinary income $ $43,000$

Guaranteed payment $12,000$

Long$-$term capital gain $15,500$

$1231$ gain $4,300$

Charitable contributions $2,000$

$179$ expense $18,000$

Cash distribution $6,000$

Required:

What is Wade$$s self$-$employment income?

Calculate Wade$$s basis at the end of the year.