11. Suppose at the beginning of 2018, Jamaal's basis in his S corporation stock was $35,500 and that Jamaal has directly loaned the S corporation $9,840. During 2018, the S corporation reported an $91,500 ordinary business loss and no separately stated items. How much of the ordinary loss is deductible by Jamaal if he owns 50% of the S corporation?

• $9,840.

• $35,500.

• $45,340.

• $45,750.