Sidney Crosby and Bill Guerin are forming the Guersby Partnership. Sidney is a $70\%$ partner and Bill is a

$30\%$ partner. Sidney contributes land $($FMV $800,000,$ AB $200,000,$ mortgage $100,000).$ Bill contributes

land $($FMV $200,000,$ AB $176,000).$

$($a$)$ What is Bill$$s beginning basis in his partnership interest?

$($b$)$ Guersby has the following income, expenses and distributions for the year:

Operating income $125,000$

Tax$-$exempt interest $6,000$

Short$-$term capital loss $(88,000)$

Distribution to Bill $42,000$

Distribution to Sid $26,000$

In addition, the partnership takes on new recourse debt of $$270,000$ during the year. What is Bill$$s basis in his partnership interest at the end of the year?