Ralph purchases an interest in the RS Partnership on January 1 of the current year for $100,000. The partners share economic risk of loss associated with recourse debt according to their loss percentage. The partnership uses the calendar year as its tax year and has $400,000 in recourse liabilities when Ralph acquires his interest. His distributive share of partnership items for the year is below:

Ordinary Income (excluding items listed below): 30,000.
Long-term capital gains: 10,000.
Municipal bond interest income: 8,000.
Charitable Contributions: 1,000.
Interest expense related to municipal bond investment: 2,000.

TP reports the following liabilities on December 31:

Recourse Debt: 100,000 and Nonrecourse debt (not qualified real estate financing): 80,000.

What is Ralph's basis on Decemeber 31 if she has a 40% interest in profits and losses? TP is a general partnership. Tina has not guaranteed partnership debt nor has he made any other special agreements about partnership debt.