Income tax

During 2004, Houston Nutt, the sole shareholder of a calender year S corporating, received a distirbution of $ 16,000. On december 31, 2003, his stock basis was $ 4,000. the Corporation earned $ 11,000 ordinary income durinng the year. it has no accumulated E & P.

A) Nutt's stock basis at 12/31/2004 = $ ___________

B) income recognized by Nutt on his 2004 1040 =$ ___________