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On January 1, 2019, Melissa contributed $5,000 to SJS partnership for a 10% interest. The partnership did well in 2019 and had total income of

On January 1, 2019, Melissa contributed $5,000 to SJS partnership for a 10% interest. The partnership did well in 2019 and had total income of $10,000. The partnership also took on debt of $20,000 in 2019. Lastly, the partnership distributed $500 to Melissa towards the end of 2019. What is Melissas tax basis in the partnership to begin 2020?

$3,500

$5,000

$7,500

$8,000

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