If a shareholder of an S corporation does not have sufficient basis in his S corporation stock to deduct his share of losses of the S corporation, what are the federal income tax consequences to the S corporation shareholder? a) The excess losses are suspended until such time as the S corporation shareholder has sufficient stock basis against which to deduct the losses. b) The excess losses may not be deducted at any time and can never provide a tax benefit to the S corporation shareholder. c) The excess losses may be carried back 3 years and then forward 5 years to offset other income items of identical character. d) The excess losses may be carried back 2 years and then forward 20 years to offset other income items of identical character. e) The excess losses may not be carried back but may only be carried forward 5 years to offset other income items of identical character.