During the year AAA Corp, a calendar year S corporation, incurs a 80,000 net operating loss. Corrine, the sole shareholder, has a 65,000 stock basis….

During the year AAA Corp, a calendar year S corporation, incurs a 80,000 net operating loss. Corrine, the sole shareholder, has a 65,000 stock basis. Corrine has made direct loans to the S corporation in the amount of 20,000. Her basis in these loans is 20,000. The S corporation has no E&P.

1. At year end, Corrine has a ______________basis in AAA stock.

2. At year end, Corrine has a ______________basis in her loan to AAA.

3. The total amount of the net operating loss that can be deducted by Corrine for the current year is_____________

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