12. Reb is a shareholder in X co., an S corporation. In 20X8, Reb's share of X co.'s net operating loss is $80,000. On 1/1/X8 Reb had a basis in his X co. stock of $60,000. Reb also has a loan due from X co. for which he has a $40,000 basis. In 20X9, Reb's share of X co.'s income is $90,000. How much of the loss may Reb deduct in 20X8? What will be Reb's basis in his stock and debt on 1/1/X0?