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Suppose that at the beginning of 2 0 2 2 Jamaal's basis in his S corporation stock is $ 1 , 5 0 0 and
Suppose that at the beginning of Jamaal's basis in his S corporation stock is $ and he has a $ debt basis associated with a $ loan he made to the S corporation. In Jamaal's share of S corporation income is $ and he received a $ distribution from the S corporation. What is Jamaal's stock and debt basis after these transactions?
Multiple Choice
$ stock basis; $ debt basis
$ stock basis; $ debt basis
$ stock basis; $ debt basis
$ stock basis; $ debt basis
None of the choices are correct.
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