A is a shareholder in X co., an S corporation. In 2004, A's share of X co.'s net operating loss is $20,000. On 12/31/04 A has a basis in his X co. stock of $15,000 before accounting for the net operating loss. A also has a loan due from X co. for which he has a $7,000 basis. In 2005, A's share of X co.'s income is $10,000. 1) In 20X4, A may deduct on his return a: a. $20,000 loss; b. $15,000 loss; c. $22,000 loss; d. None of the above. 2) As of 1/1/X6, As basis in his stock and debt is, respectively: a. 0 and 0; b. $5,000 and $7,000; c. $10,000 and 0; d. None of the above"