P Corp, an accrual basis, calendar year S corporation, has been an S corporation since its inception. At the beginning of the current year, S owned 50% of the 100 issues shared of P stock, and had a $3,000 tax basis in P stock. During the current year, P had $200,000 in net business income and $4,000 in M county municipal bond interest income. P made no distributions to its shareholders. What was S's tax basis in P stock at year end?