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 $28,750. During January and February, the partnership generates $32,310 of ordinary income and $5,046 of tax-exempt income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $48,850. The partnership has the following assets and no liabilities at the sale date: Tax Basis Cash Land held for investment Totals $ 33,500 33,500 $ 67,000 FMV $ 33,500 67,000 $ 100,500 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