elaine's original basis in the hornbeam partnership was $93,600. her share of the taxable income from the partnership since she purchased the interest has been $374,400, and elaine has received $280,800 in cash distributions from the partnership. elaine did not recognize any gains as a result of the distributions. in the current year, hornbeam also allocated $46,800 of tax-exempt interest to elaine. calculate elaine's current basis in her partnership interest. $fill in the blank 1