On June 1 of the current tax year, Elisha and Ezra (who are equal partners) contribute property to form the Double E Partnership. Elisha contributes cash of $227,520. Ezra contributes a building and land with an adjusted basis and fair market value of $379,200, subject to a liability of $151,680. The partnership borrows $23,700 to finance construction of a parking lot in front of the building. At the end of the first year (December 31), the accrual basis partnership owes $9,480 in trade accounts payable to various creditors. The partnership reported net income of $35,550 for the year that they share equally. Assume that Elisha and Ezra share equally in partnership liabilities. How much is Elisha's basis in the partnership interest on December 31
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