Sharon contributed property to the newly formed qrst partnership. the property had a $100,000 adjusted basis to sharon and a $160,000 fair market value on the contribution date. the property was also encumbered by a $90,000 nonrecourse debt, which was transferred to the partnership on that date. sharon is treated as a general partner. she is allocated 30% of qrst's profits, and 20% of qrst's losses. sharon's basis in the partnership interest after the formation transaction is:

a.$127,000.
b.$28,000.
c.$118,000.
d.$37,000.
e.$88,000.