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McD, Inc., has been an S corporation since its inception. On July 15, 2020, McD, Inc., distributed $62,000 to Ronald. Ronald's basis in his McD,
McD, Inc., has been an S corporation since its inception. On July 15, 2020, McD, Inc., distributed $62,000 to Ronald. Ronald's basis in his McD, Inc., stock on January 1, 2020, was $63,000. For 2020, Ronald was allocated $18,000 of ordinary income from McD, Inc., and no separately stated items. During 2020, McD took out a nonrecourse loan of $5,000. What is Ronald's basis in his McD, Inc., stock after all transactions in 2020? Multiple Choice None of the choices are correct. $19.000. $26.000. O $44,000. U $8,000
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