Julian and Tanya Each Contribute $50,000 Cash to Form the M&T

Julian and Tanya each contribute $50,000 cash to form the M&T Partnership on January 4, 2014. Julian and Tanya share profits and losses in the ratio of 60% and 40%, respectively. During 2014, the partnership generates ordinary income of $80,000. A cash distribution of $5,000 is made to Julian in December 2014. How much income must Julian recognize from the partnership in 2014?

A) $5,000
B) $32,000
C) $45,000
D) $48,000
E) $53,000