Return to question 2 Allison, Keesha, and Steven each own equal interests 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 $30,500. During January and February the partnership generates $34,620 of ordinary income and $5,592 of tax-exempt income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $52,700. The partnership has the following assets and no liabilities at the sale date: Part 1 of 4 Tax Basis FMV $37,900 $ 37,e00 Land held for investment 37.800 74,889 $74,000 $111,0e0 Cash 1.05 points Totals Skipped a. Assuming KAS's operating agreement provides for an interim closing of the books when partners' interests what is Steven's basis in his partnership Interest on March 1 just prior to the sale? change during the year, Answer is not complete asis