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Suppose that at the beginning of 2019 Jamaal's basis in his S corporation stock is $2,900 and he has a $11,900 debt basis associated with a $11,900 loan he made to the S corporation. In 2019, Jamaal's share of S corporation income is $5,900, and he received a $8,900 distribution from the S corporation. What is Jamaal's stock and debt basis after these transactions?

Multiple Choice

• $8,800 stock basis; $3,000 debt basis.

• None of the choices are correct.

• $0 stock basis; $11,800 debt basis.

• $8,800 stock basis; $11,900 debt basis.

• $0 stock basis; $11,900 debt basis.