Nick owns one-third of National Corporation's stock, and he materially participates in the business. National, an S corporation, uses the calendar year as its tax year. On January 1 of the current year, Nick's stock basis is $10,000, and he has a $6,000 loan outstanding to the corporation. In the current year, National reports a $240,000 ordinary loss. (Complete all input fields. Enter a 0 for any zero balances.) Requirement a. What amount of loss can Nick deduct on his individual tax return? The amount of loss that Nick can deduct on his individual tax return = Requirement b. What is Nick's basis in his stock and debt at December 31 ? Requirement c. How much of the loss (if any) carries over to subsequent years? The ordinary loss carryover to subsequent years = Requirement d. If National reports ordinary income of $201,000 during the next year, what is Nick's basis in his stock and debt at the end of next year