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B is wrong Clampett, Inc. has been an S corporation since its inception. On July 15, 2017, Clampett, Inc. distributed $55,000 to J. D. His

image text in transcribedB is wrong

Clampett, Inc. has been an S corporation since its inception. On July 15, 2017, Clampett, Inc. distributed $55,000 to J. D. His basis in his Clampett, Inc. stock on January 1, 2017, was $48,000. For 2017, J. D. was allocated $5,000 of ordinary income from Clampett, Inc. and no separately stated items. What is J. D.'s basis in his Clampett, Inc. stock after all transactions in 2017? None of the choices are correct. $53,000. $43,000. $48,000. $5,000

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