5) Louise is shareholder in an S corporation. At the beginning of the year, she had outstanding loans that she had made to the S corporation in prior years of $20,000, for which her tax basis was $12,000. In addition, her tax basis in her stock in the S corporation is $5,000. During the current year, her share of S corporation income was $7,000; the corporation repaid her loan of $20,000 in full. Compute her tax basis in her loans and stock as of the end of the year. Also, determine whether she has any taxable income to recognize due to the loan repayment.