On 1/2/21, Pat bought a 10% ownership interest in a partnership for $100,000 cash. This partnership is 100% equity funded and has never had any debt. At the end of the tax year (12/31/21) the following is reported for the partnership: $200,000 ordinary taxable business income, $20,000 capital gain, $10,000 muni-bond interest income and a $30,000 disallowed deduction. What is Pat’s basis in the partnership at 12/31/21?
$300,000
$320,000
$120,000
$122,000