Tania owns all the shares of Tricky Inc an S Corporation. On the first day of the current tax year, Tania's stock basis is zero. The face value of debt owned to Alex is $100,000, but her debt basis has been reduced by $40,000 of losses to $60,000. No increase of decrease in the loan from Alex occured during the year. Tania's schedule K-1 at the end of the current year shows the following items....
Non-separtely stated income of $50,000
Long term capital gain of $10,000
Section 179 depreciation of $15,000
Non dividend distributions of $40,000
What is Tania's stock basis and debt basis at the end of the year?