On Jan 1, Larry payed $2,000 for 10% capital profits and loss interest in a partnership, that has $20,000 in recourse liabilities. The partners share the economic risk from recourse liabilities the same way they share partnership losses. In the same year, they incur losses of $6,000 and recourse liabilities increase by $5,000. Larry and the partnership use a calendar tax year-end. What is Larrys basis at year end?
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