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Dave was at risk for $25,000 in Partnership X and $25,000 in Partnership Z on January 1, 2013. Both partnerships are passive activities to Dave (these are Dave's only passive activities). Dave's share of net income from Partnership X during 2013 is $15,000. Dave's share of losses from Partnership Z during 2013 is $50,000. How much is Dave at risk for Partnership X on January 1, 2014?

a. $0

b. $15,000

c. $25,000

d. $40,000

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