Chip owns a 25% interest in Covid Inc, an S Corporation. The corporation has run into some difficulty recently and Chip loaned the corporation $100,000 in the fall. At the beginning of the year, Chips basis in his stock was $16,000.

a. What is Chips basis in his stock and debt at the end of the year if the corporation reports losses of $60,000?

b. What is Chips basis in his stock and debt at the end of the year if the corporation reports losses of $90,000?

c. What is Chips basis in his stock and debt at the end of the year if the corporation reports losses of $120,000?