George and Helen do business as the GH Partnership, sharing profits and losses equally. George is a material participant in the partnership, and the partnership has no outstanding debt. All parties use the calendar year for tax purposes. On January 1 of the current year, George's basis and at-risk amount in the partnership was $25,000; he made no withdrawals from the partnership during the year. If the partnership sustained an operating loss of $90,000 in the current year, George's personal income tax return should include:
a. An ordinary loss of $45,000.
b. An ordinary loss of $25,000.
c. An ordinary loss of $25,000 and a capital loss of $20,000.
d. An ordinary loss of $40,000 and a capital loss of $5,000.