At the beginning of the current year Carl invested $100,000 of cash in exchange for an 80% ownership Interest in SMAC, Ltd. During the year SMAC experienced the following transactions:

1.Borrowed $20,000 from Carl

2.Generated Ordinary Business Income of $600,000

3.Borrowed $150,000 from Wells Fargo Bank.

4.Made a proportionate current property distribution with a FMV of $200,000 and basis of $300,000

Assume the entity is organized as an LLC, and that the operating agreement states that all items will be allocated proportionately based on capital interests.

What is Carls ending outside basis in the entity?

Assume instead the entity is organized as an S-corporation. What is Carls ending stock basis in the entity? Show all work.