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On January 1, 2022, Madison contributed $100,000 cash in exchange for a 25% interest in AABC LLC. During 2022, the LLC generated $140,000 ordinary taxable

On January 1, 2022, Madison contributed $100,000 cash in exchange for a 25% interest in AABC LLC. During 2022, the LLC generated $140,000 ordinary taxable income and no separately stated income or expenses. On December 31, 2022, the LLC distributed to Madison $15,000 cash.

What is Madison's basis in the LLC interest on January 1, 2022?

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