Donkey Corporation has always been an S corporation and is 100 percent owned by John. John has a basis of $20,000 in his Donkey Corp. stock at the beginning of the year. During the year, Donkey has an ordinary loss of $90,000 and a long-term capital gain of $60,000. In addition, Donkey Corporation distributed $55,000 in cash to John on July 1. Will the distribution cause John to recognize a gain? If so, what are its amount and character? What gains/losses will John report this year? What is Johns ending basis?