QUESTION 38 Marie and Ella are equal partners in the calendar year Partnership of M&E, On January 1, 2020, each partner's basis in their Partnership Interest in the Partnership was $40,000 During the year of 2020 the Partnership borrowed $60,000 for which Marie and Ella are both personally liable The Partnership sustained an Operating Loss of $10,000 for the year of 2020. The basis of each partner's interest in the Partnership at the end of the tax year of 2020 is: $35.000 $70,000 $40,000 $65,000