On January 1, 2023 Michelle contributed $20,000 cash in exchange for a 50% capital and profits interest in Ates Partnership. During 2023, Ates Partnership had net taxable income of $50,000 and Michelle received a $20,000 distribution of cash from the partnership. Ates Partnership had $25,000 of partnership liabilities on the last day of 2023. Michelle's outside basis in her partnership interest on December 31, 2023 is