Michelle and Jacob formed the MJ Partnership at the beginning of the current tax year. Michelle paid $25.000 for her 50% interest in the partnership capital and profits. During the first year of partnership operations: the partnership reported ordinary income of $20,000; Michelle received a distribution of $12,000 from the partnership: and she had a 50% share in the $18,000 of partnership recourse liabilities on the last day of the partnership year. What is Michelle's basis for her partnership interest at year-end? 44,000 25,000 32,000 49,000