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Julie contributed fully depreciated ($0 basis) property valued at $20,000 to the JK Partnership in exchange for a 50% interest in partnership capital and profits. During the first year of partnership operations, JK had net taxable income of $50,000. The partnership distributed $20,000 cash to Julie. What is Julie's adjusted basis (outside basis) for her partnership interest at year-end? (show how you derived your answer).

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