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Suppose that at the beginning of 2019 Jamaal's basis in his corporation stock is $0, he has a $0 debt basis associated with a $13.500

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Suppose that at the beginning of 2019 Jamaal's basis in his corporation stock is $0, he has a $0 debt basis associated with a $13.500 loan he made to the corporation, and he has a $8,500 suspended loss from the corporation. In 2019, Jamaal contributed $11.500 to the corporation, and the corporation had ordinary income of $7500. Assume that Jamaal owns 40 percent of the 5 corporation. How much net income or loss does Jamaal report this year from the corporation? O $2.500 come None of the choices are correct

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