Julie Contributed Fully Depreciated ($0 Basis)property Valued at $20,000 to the JK

Multiple Choice

Julie contributed fully depreciated ($0 basis) property valued at $20,000 to the JK Partnership in exchange for a 50% interest in partnership capital and profits.During the first year of partnership operations,JK had net taxable income of $50,000.The partnership distributed $20,000 cash to Julie.Julie's adjusted basis (outside basis) for her partnership interest at year-end is:

A) $0.
B) $5,000.
C) $25,000.
D) $30,000.
E) None of the above.