At the beginning of the current year, Cari and Dan formed the CD Partnership by transferring cash and property to the partnership in exchange for a partnership interest, with each having a 50% interest. Specifically, Cari transferred property having a $50,000 FMV, a $15,000 adjusted basis, and subject to a $7,500 liability, which the partnership assumed. Dan contributed $50,000 cash to the partnership. During the current year, the partnership earned $18,000 of net ordinary income.

What is Carl's basis at the end of the year?