At the end of year 1, Tony had a tax basis of $40,000 in Tall Ladders, Limited Partnership. Tony has a 20 percent profits interest in Tall Ladders. For year 2, Tall Ladders will pay Tony a $10,000guaranteed payment for extra services he provides to the partnership. Given the following IncomeStatement and Balance Sheet from Tall Ladders, what is Tony's adjusted tax basis at the end of year 2? 
Definitions:
Counselor
A professional trained to provide guidance and support in emotional, psychological, or social matters, often within a therapeutic context.
Disclose Sexual Abuse
The act of revealing experiences of sexual harm or exploitation, often in a safe and supportive environment.
Documented Reasons
Refer to recorded reasons or rationale, often used in contexts where explanations for decisions or actions are meticulously kept for documentation or evidence.
Overwhelming Guilt
An intense feeling of responsibility or remorse for a perceived or real wrongdoing, which can significantly impact mental health.
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