Required information. Problem 21-32 (LO 21-1) (Algo) [The following information applies to the questions displayed below.] Allison, Keesha, and Steven each owns an equal interest in KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Steven's basis in his partnership interest is $29,500. During January and February, the partnership generates $33,300 of ordinary income and $5,280 of tax-exempt income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $50,500. The partnership has the following assets and no liabilities at the sale date: Cash Land held for investment Totals Tax Basis $ 35,000 35,000 $ 70,000 FMV $ 35,000 70,000 $ 105,000 Problem 21-32 Part a (Algo) a. Assuming KAS's operating agreement provides for an interim closing of the books when partners' interests change during the year, what is Steven's basis in his partnership interest on March 1 just prior to the sale? Basis