Renee and Elizia formed the CT Partnership. Renee contributed $50,000 of cash in exchange for her 50% interest in the partnership capital and profits. Elizia contributed property with an adjusted basis of $50,000 and a fair market value of $100,000 for his 50% interest in the partnership capital and profits. During the first year of partnership operations, the following events occurred: the partnership had a net taxable income of $100,000; Renee received a distribution of $16,000 cash from the partnership; and she had a 50% share in the $60,000 of partnership recourse liabilities on the last day of the partnership year. Renee's basis for her partnership interest at year-end is:
$130,000.
$160,000.
$50,000.
$114,000.