Michelle is a 50% owner of MJ Corporation, an electing S Corp. Michelle paid $20,000 for her stock. During the first year of operations, the corporation reported income of $10,000; Michelle received a distribution of $8,000 from the corporation; and the Corporation had liabilities of $28,000 (none owed directly to or was personally guaranteed by Michelle). What is Michelle's adjusted basis in her MJ Corporation stock at year-end? 12,000 17,000 20,000 31,000