Suppose at the beginning of 2015, Jerry's basis in his S corporation stock is $0, he has a $0 debt basis associated with a $10,000 loan he made to the S corporation and a $5,000 suspended loss from the S corporation. In 2015, Jerry contributed $8,000 to the S corporation, and the S corporation had ordinary income of $4,000. Assume that Jerry owns 40% of the S corporation. How much net income or loss does Jerry report this year from the S corporation? $4,000 income. $1, 600 income $1,000 loss. $3, 400 loss. None of these