Jonas is a 60 owner of Ard, an S corporation At the beginning of the year, his stock basis is zero Jonas's basis in a $118,000 loan made to Ard and evidenced by Ard's note has been reduced to $0 by prior losses During the year, Jonas's net share of Ard's taxable income is $59,000 At the end of the year, Ard makes a $88,500 cash distribution to Jonas After these transactions, what is Jonas's basis in his stock, and what is his basis in the debt What is Jonas's recognized capital gain If an amount is zero, enter 0 Jonas has a basis of $ for his stock and a basis of $ for the debt In addition, Jonas recognizes of $

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Jonas is a 60  owner of Ard, an S corporation  At the beginning of the year, his stock basis is zero  Jonas's basis in a $118,000 loan made to Ard and evidenced by Ard's note has been reduced to $0 by prior losses  During the year, Jonas's net share of Ard's taxable income is $59,000  At the end of the year, Ard makes a $88,500 cash distribution to Jonas  After these transactions, what is Jonas's basis in his stock, and what is his basis in the debt  What is Jonas's recognized capital gain  If an amount is zero, enter   0    Jonas has a basis of $ for his stock and a basis of $ for the debt  In addition, Jonas recognizes of $

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Jonas is a 60% owner of Ard, an S corporation. At the beginning of the year, his stock basis is zero. Jonas's basis in a

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