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. Julies adjusted 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