13. Can an S Corp have C Corp earnings and profits? If yes, describe how. 14. The sole shareholder of an S Corp is active in the business and has a basis of $2,000 in the stock. The S Corp owes no money to the shareholder. The shareholder's information return from the S Corp indicated the shareholder's portion of the loss from ordinary business is $3,500. How much if anything can the shareholder deduct on his individual tax return