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Clampett, Inc. has been an S corporation since its inception. On July 15, 2013, Clampett, Inc. distributed $50,000 to J.D. His basis in his Clampett, Inc. stock on January 1, 2013, was $30,000. For 2013, J.D. was allocated $10,000 of ordinary income from Clampett, Inc. and no separately stated items. What is J.D.’s basis in his Clampett, Inc. stock after all transactions in 2013?
| $40,000. | |
| $30,000. | |
| $20,000. | |
| $10,000. | |
| None of these. |
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