Required information [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 $28,250. During January and February, the partnership generates $31,650 of ordinary income and $4,890 of tax-exempt income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $47,750. The partnership has the following assets and no liabilities at the sale date: Tax Basis FMV Cash Land held for investment Totals $ 32,500 32,500 $ 32,500 65,000 $ 65,000 $ 97,500 What is the partnership's basis in the assets following the sale? Basks $ 40,430