50. Michael Moore owns stock in an S corporation. The corporation sustained a net operating loss during the year. Michael's share of the loss is $5,000. His adjusted basis in the stock is $1,000. In addition, he has a loan outstanding to the corporation in the amount of $2.000. What amount, if any, is Michael entitled to deduct with respect to the loss? a. $5,000 b. $3,000 c. $2.000 d. $1,000 e. None of these 51. What is Gerald Germain's basis in an S corporation assuming he is the sole shareholder and his capital account has a balance of $15,000, the corporation has $5,000 in liabilities, $2,000 in previously taxed income, and $1,000 in accumulated earnings and profits? a. $23,000 b. $22.000 c. $18.000 d. $17.000 e. None of these 52. What is the only credit allowed against the tax on passive investment income? Dependent care credit a. b. Investment credit c. General business credit d. Credit for special fuels e. Business energy credits