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Suppose that at the beginning of 2019 Jamaal's basis in his S corporation stock is $2,300 and he has a $11,300 debt basis associated with
Suppose that at the beginning of 2019 Jamaal's basis in his S corporation stock is $2,300 and he has a $11,300 debt basis associated with a $11,300 loan he made to the S corporation. In 2019, Jamaal's share of S corporation income is $5,300, and he received a $8,300 distribution from the S corporation. What is Jamaal's stock and debt basis after these transactions?
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