Return to question 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 $30750. During January and February, the partnership generates $34,950 of ordinary income and $5,670 of tax-exempt income, On March 1, Steven sells his partnership interest to Juan for a cash payment of $53,250. The partnership has the following assets and no liabilities at the sale date: Cash Land held for investment Totals Tax Basis $ 37,500 37,500 $ 75,000 FMV $ 37,500 75,000 $ 112,500 d. What is the partnership's basis in the assets following the sale? Answer is complete but not entirely correct. Basis $ 8,000