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Question - Monroe contributed $20,000 of cash in exchange for a 50% interest in the Salmon partnership capital and profits. During the first year of partnership operations, Salmon had net taxable income of $50,000. Also, Monroe received a $15,000 distribution of cash from the partnership and he has a 50% share in the $15,000 of partnership recourse liabilities on the last day of the partnership year. What is Monroe's at-risk basis at year-end?
a. $78,000.
b. $45,000.
c. $37,500.
d. $30,000.
e. None of the above
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