Bruce Wayne & Dick Grayson formed a business, Dynamic Duo, Inc.; each contributed $50,000. The Corporation properly elected S-Corporation status. The Corporation also borrowed $200,000. During the year, Bruce received $40,000 wages from the Corporation for managing the business. In the first year, the business reported income from operations of 120,000, after properly deducting the wages to Bruce. The business also made distributions from income to the owners totaling 60,000 (30,000 each) What is Dick's basis in the corporation at the end of the year?

Income Tax