Alfonso began the year with a tax basis in his partnership interest of $48,000. His share of partnership debt at the beginning and end of the year consists of $4,000 of recourse debt and $4,000 of nonrecourse debt. During the year, he was allocated $62,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership and he has $3,000 of passive income from other sources.

a.How much of Alfonso's loss is limited by his tax basis?