(TCO 7) Ruth contributed property ($80,000 basis and fair market value of $120,000) to the HRS Partnership in exchange for a 50% interest in partnership capital and profits. During the first year of partnership operations, HRS had net taxable income of $60,000 and tax-exempt income of $56,000. The partnership distributed $24,000 cash to Ruth. Her share of partnership recourse liabilities on the last day of the partnership year was $32,000. Which is Ruth's adjusted basis (outside basis) for her partnership interest at year-end? (Points : 5)

$110,000

$146,000

$144,000

$196,000

None of the above