Axel is a calendar-year taxpayer. He is a 25% partner in GNR Partnership, which uses an August 31 fiscal year-end. GNR Partnership had $120,000 of ordinary income for the year ended August 31, 2004 and $150,000 of ordinary income for the year ended August 31, 2005. Axel withdrew $50,000 from the partnership on December 1, 2004 when he had a basis of $138,000 in the partnership. What amount should Axel report on her 2004 tax return as ordinary income from GNR Partnership?