GD Inc. is a general partnership with two 50% partners, Greg and Dana. Each contributed $40,000 for their initial stake in the partnership. During the first year, the partnership records non-separately stated income of $30,000, tax exempt interest of $10,000, and accumulates $12,000 of debt. The partnership also distributes $3,000 cash to each partner during the year (i.e., $6,000 total). What is each partner's outside basis at the end of the first year?