James Elton received a 25% capital interest in Bredbo Associates, a partnership, in return for services rendered, plus a contribution of assets with a basis to Elton of $25,000 and a fair market value of $40,000. The fair market value of Eltons 25% interest was $50,000. How much is Eltons basis for his interest in Bredbo? $50,000 $35,000 $40,000 $25,000