Agustina, Bobby, and Claudia are equal owners in Lafter, an S corporation that was a C corporation several years ago. While Agustina and Bobby actively participate in running the company, Claudia has a separate day job and is a passive owner. Consider the following information for $2023$:

As of January $1,2023,$ Agustina, Bobby, and Claudia each has a basis in Lafter stock of $$15,000$ and a debt basis of $$0.$ On January $1,$ the stock basis is also the at$-$risk amount for each shareholder.

Bobby and Claudia also are passive owners in Aggressive LLC$,$ which allocated business income of $$14,000$ to each of them in $2023.$ Neither has any other source of passive income $($besides Lafter, for Claudia$).$

On March $31,2023,$ Agustina lends $$5,000$ of her own money to Lafter.

Anticipating the need for basis to deduct a loss, on April $4,2023,$ Bobby takes out a $$10,000$ loan to make a $$10,000$ capital contribution to Lafter. Bobby uses his automobile $($$$12,000$ fair market value$)$ as the sole collateral for his loan $($nonrecourse$).$

Lafter has an accumulated adjustments account balance of $$45,000$ as of January $1,2023.$

Lafter has C corporation earnings and profits of $$15,000$ as of January $1,2023.$

During $2023,$ Lafter reports a business loss of $$75,000,$ computed as follows:

Sales revenue $ $90,000$

Cost of goods sold $(85,000)$

Salary to Agustina $(40,000)$

Salary to Bobby $(40,000)$

Business $($loss$)$ $ $(75,000)$

Lafter also reported $$12,000$ of tax$-$exempt interest income.

During $2024,$ Lafter made several changes to its business approach and reported $$18,000$ of business income, computed as follows:

Sales revenue $ $208,000$

Cost of goods sold $(95,000)$

Salary to Agustina $(55,000)$

Salary to Bobby $(55,000)$

Marketing expense $(20,000)$

 

 Business income $ $25,000$ 

 

Lafter also reported a long$-$term capital gain of $3$4,000$ in $2024.$

Lafter made a cash distribution on July $1,2024,$ of $$20,000$ to each shareholder.

Note: For all requirements, do not round your intermediate calculations. Round your final answer to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.

Required:

a$-1.$ What amount of Lafter's $2023$ business loss of $$75,000$ are Agustina, Bobby, and Claudia allowed to deduct on their individual tax returns?

a$-2.$ What are each owner's stock basis and debt basis $($if applicable$)$ and each owner's at$-$risk amount with respect to the investment in Lafter at the end of $2023?$

b$.$ What amount of gain or income does each shareholder recognize from the cash distribution on July $1,2024?$