John owns 100% of the stock of XYZ Corporation. XYZ was a C corporation with $50,000 of retained earnings at the end of last year. John's stock basis in the XYZ stock was $10,000 at the end of last year. He elected to convert XYZ to an S corporation on January 1 of the current year. At the end of the current year, XYZ reported an ordinary loss of $15,000. How much of the $15,000 ordinary loss will John be allowed to deduct this year? Question 4Select one: a. $10,000 b. $ 5,000 c. None d. $15,000