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Jona's is a 6 0 % owner of Arc , an S corporation at the beginning of the year, his stock basis is Zero. Jonas's
Jona's is a owner of Arc an S corporation at the beginning of the year, his stock basis is Zero. Jonas's basis in a $ Loan made to Arc and evidenced by Arc's note has been reduced to zero by prior losses. During the year, Jonas's net share of Arc's taxable income is $ At the end of the year, Arc makes a $ cash distribution to Jonas. After this transactions, what is Jonas's basis in his stock and what is his basis in the debt?
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