Greiner, Inc., a calendar year S corporation, holds no AEP. During the year, Chad, an individual Greiner shareholder, receives a cash distribution of $$70,300$ from the entity. Chad's basis in his stock is $$56,240.$

Compute Chad's ordinary income and capital gain from the distribution. What is his stock basis after accounting for the payment? If an amount is zero, enter $"0".$

a$.$ Compute Chad's ordinary income and capital gain from the distribution.

Chad recognizes ordinary income of $ $x$ and a capital gain of $ $$

b$.$ What is his stock basis after accounting for the payment?

His basis in the stock is $ $x$ after the distribution.