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Calculate the amount for each item below related to Smith's tax basis in the partnership interest at the end of Year 1 using the information included in the exhibits. Not all entries may be needed for the determination. Indicate decreases in tax basis by using a leading minus (-) sign. For each item, enter the appropriate amount in the associated cell. If the amount is zero or no amount is required, enter a zero (0) or leave the cell blank. Item Amount 1. Smith's beginning tax basis $50,000 123 2. Ordinary income from trade or business $23,000 activities 123 3. Interest income 4. Life insurance premiums paid on lives of 23 partners (partnership is beneficiary) 5. Penalties paid for late payment of payroll 123 taxes 123 6. Guaranteed payment to Parker 123 7. Additional capital contributions 123 8. Distributions 123 9. Purchase of land for investment 123 10. Smith's tax basis at end of year