You are helping Wile E. Coyote determine his taxable income for the year related to his partnership activity. He has provided you with Road Runner Partnership's tax books that contain the following information for the current year. Operating (ordinary) income before guaranteed payments $ 340,000 Long-term capital gain $ 11,000 Guaranteed payment to Wile E. Coyote for services $ 46,000 Cash distributions to Wile E. Coyote $ 25,000 Tax exempt interest income $ 2,600 Charitable contributions made by Road Runner $ 15,000 Decrease in partnership liabilities for the year $ 30,000 H | | |v l l l Wile E. Coyote is a 25% general partner in partnership capital, profits, and losses. Assume that the adjusted basis of his partnership interest is $50,000 at the beginning of the year, and he shares in 25% of the partnerships liabilities for basis purposes. a. What is Wile E. Coyote's adjusted basis for the partnership interest at the end of the year? b. How much taxable income must Wile E. Coyote report on his tax return for the current year? What is the character of the income ordinary, capital)