Bill is a 100% shareholder in Turner Carpet Corp (Scorp). Bill has a stock basis of $75,000 in Turner Carpet. During the year, Bill made a $10,000 loan to Turner Carpet Corp. For the current year Turner Carpet: a) had a business loss of $80,000 b) had capital gain income of $10,000 c) made a property (a large truck) distribution to Bill, FMV $80,000, basis $65,000. 1. What is Bill's taxable income (before losses) for the year? 2. How much of the business loss can Bill take on his tax return