On January 1, 20X1, Clark and Lois each contributed $110,500 to form the Kal-El general partnership, and the partnership borrowed $45,000 from Metropolis Bank. Their partnership agreement states that they will each receive a 50% profits and loss interest. The partnership agreement also provides that Clark will receive an annual $52,000 guaranteed payment.

Kal-El began business on January 1, 20X1. For its first taxable year, its accounting records contained the following information.

Gross receipts from sales $278,000
Cost of sales (222,000)
Gross profit 56,000

Guaranteed payments to Clark (52,000)
Bad debt expense allowed for tax purposes (3,500)
Tax exempt interest 1,550
Operating expenses (108,000)
Depreciation expense (9,500)
Long-term capital gains 800
Section 1231 losses (12,600)

Kal-El repaid $7,000 of the loan on December 15, 20X1. Each of the partners also received cash distributions of $5,000 from Kal-El in 20X1.

What is Clark's tax basis in his Kal-El interest on December 31, 20X1?