Birch Corporation, a calendar-year corporation, was formed three years ago by its sole shareholder, James, who has operated it as an S corporation since its inception. Last year, James made a direct loan to Birch Corporation in the amount of $6,350. Birch Corporation has paid the interest on the loan but has not yet paid any principal. (Assume the loan qualifies as debt for tax purposes.) For the year, Birch experienced a $29,800 business loss. What amount of the loss clears the tax-basis limitation, and what is James's basis in his Birch Corporation stock and Birch Corporation debt in each of the following alternative scenarlos? Note: Leave no answer blank. Enter zero if applicable. At the beginning of the year, James's basis in his Birch Corporation stock was $53,100 and his basis in his Birch Corporation debt vas$6,350 b. At the beginning of the year, James's basis in his Birch Corporation stock was $12,300 and his basis in his Birch Corporation debt was $6,350 c. At the beginning of the year, James's basis in his Birch Corporation stock was $0 and his basis in his Birch Corporation debt was $6,350