On January 1, 2021, Mr. Purple and Mr. Gold each contributed $100,000 to form the ACE, Inc. for which they immediately made an S-Election. Each shareholder owns 50 shares of stock, and Mr. Purple will manage the business and receive an annual salary of $36,000. ACE began business on January 1, 2021. For its first taxable year, its accounting records contained the following information. Sales COGS Gross Profit Other Income/ (Expense) $150,000 (60,000) 90,000 Officer Salary (Mr. Purple) (36,000) Interest Paid on Business Debt Dividend Income (3,000) 500 Tax-exempt interest income Operating Expenses Depreciation expense Capital gains 1,500 (38,000) (9,000) 8,000 The $3,000 of interest was paid on a $60,000 recourse loan made to ACE by Old National Bank on June 30, 2021. ACE repaid $10,000 of the loan on December 15, 2021. Neither shareholder took a distribution. Complete the following table related to Mr. Purple's ACE, Inc. stock. Item Mr. Purple's ordinary business income (loss) allocation for 2021. Mr. Purple's tax basis in his ACE interest on 12/31/11. Amount