Tim is a 40 percent general partner in the TC Partnership. The partnerships records for the current year show the following: Sales revenue $600,000 Guaranteed payment to Tim 35,000 Cost of goods sold 460,000 Interest income from corporate bonds 12,000 Operating expenses 32,000 State sales tax penalty paid 1,500 Tims basis in the partnership was $75,000 at the beginning of the year. During the year, Tims share of partnership liabilities increased by $40,000. The partnership made cash distributions totaling $20,000 during the year to Tim. What is Tim's basis in the partnership at the end of the year?