Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2022, Clampett, Incorporated, distributed $75,000 to J.D. His basis in his Clampett, Incorporated, stock on January 1, 2022, was $35,000. For 2022, J.D. was allocated $34,000 of ordinary income from Clampett, Incorporated, and no separately stated items. What is J.D.'s basis in his Clampett, Incorporated, stock after all transactions in 2022?

Multiple Choice

• $69,000

• $35,000

• $1,000

• ($34,000)

• None of the choices are correct.