2. Abigail and Rita formed Spencer Partnership in 2005. Abigail is 75% (P/L) owner and Rita is 25% (P/L) owner. The partnership recourse debt balance at the end of 2019 is $150,000. Ritas outside basis at the beginning of 2020 is $100,000. Abigails outside basis at the beginning 2020 is $195,000. At the end of 2020 Spencer Partnerships recourse debt balance is $30,000. The partnership debt is shared according to their ownership P/L %. Below is additional information regarding Spencers activities for 2020. (8 Points) Cash distribution to Rita $12,500 Cash distribution to Abigail $37,500 Long Term capital gain $4,000 Interest Income (bank) $4,000 Dividend Income $6,000 Charitable contributions $10,000 Living expenses paid on behalf of Abigail $20,000 Ordinary Business Income $480,000 Section 179 $100,000 What is Abigails outside basis at the end of the year? (show all your work)