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Problem: Mandi is a 30% partner in the ABC Partnership. At the beginning of the tax year, her basis in ABC is $125,000, which includes

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Problem: Mandi is a 30% partner in the ABC Partnership. At the beginning of the tax year, her basis in ABC is $125,000, which includes her $10,000 share of partnership debt. At the end of the tax year, her share of partnership debt is $6,000. The partnership reported ordinary (nonseparately stated) income for the year of $325,000. In addition, the partnership reported charitable contributions of $9,000, a short-term capital loss of ($25,000); a long-term capital gain of $40,000; interest income from corporate bonds of $18,000; dividend income of $35,000; and interest income of $15,000 from City of Chicago bonds. Mandi received a cash distribution of $45.000 from ABC during the year. Required: Calculate Mandi's basis in her partnership interest at the end of the tax year. Show your calculation using the correct ordering for the reported items. (1.0 extra credit point if the ending basis amount is correct; and 1.0 extra credit point if the correct order is used.)

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