Question 4

4 Suppose that at the beginning of 2020 Jamaals basis in his corporation stock is $0, ne has a 50 debt basis associated with a $20,000 loan he made to the 5 corporation and he has a $15,000 suspended loss from the corporation. In 2020. Jamaal contributed $18,000 to the corporation, and the 5 corporation had ordinary income of $14,000. Assume that Jamaal owns 40 percent of the corporation. How much net income or loss does Jamnal report ty's year from the corporation? Munice Choice O 514000 income $5.600 come S1000 loss $9.400 loss None of the choices are correct