Rondo and his business associate, Larry, are considering forming a business entity called R&L but they are unsure about whether to form it as a C corporation, an S corporation or as an LLC. Rondo and Larry would each invest $50,000 in the business. Thus, each owner would take an initial basis in his ownership interest of $50,000 no matter which entity type was formed. Shortly after the formation of the entity, the business borrowed $30,000 from the bank. If applicable, this debt is shared equally between the two owners.

After taking the loan into account, what is Rondos tax basis in his R&L ownership interest if R&L is formed as a partnership?