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[20] You own 100% of Ricochet, Inc., and S Corporation that is filing returns on a calendar year. For the current tax year, the corporation
[20] You own 100% of Ricochet, Inc., and S Corporation that is filing returns on a calendar year. For the current tax year, the corporation has an operating loss of $11,000 and separately stated tax-exempt income of $10,000. Your basis at the beginning of the current year is $2,000. What is the basis at the end of this year? A. $0 B. $1,000 C. $11,000 D. $2,000
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