Required information [The following information applies to the questions displayed below.] rch Allison, Keesha, and Steven each own an equal interest in KAS Partne January 1 of the current year, Steven's basis in his partnership interes partnership generates $31,320 of ordinary income and $4,812 of tax-e partnership interest to Juan for a cash

payment of $47,200. The partr the sale date: Cash Land held for investment Totals a. Assuming KAS's operating agreement provides for an interim closing of what is Steven's basis in his partnership interest on March 1 just prior to the *Tax Basis FMV $32,000 $32,000 32,000 64,000 $64,000 $96,000 II fuestions displayed below.] equal interest in KAS Partnership, a calendar-year is in his partnership interest is $28,000. During Ja income and $4,812 of tax-exempt income. On Ma ment of $47,200. The partnership has the followin for an interim closing of the books when partners in in March 1 just prior to the sale? fuestions displayed below.] equal interest in KAS Partnership, a calendar-year is in his partnership interest is $28,000. During Ja income and $4,812 of tax-exempt income. On Ma ment of $47,200. The partnership has the followin for an interim closing of the books when partners in in March 1 just prior to the sale