Assume the same facts as in the previous problem, except that at the beginning of year 1 Sunita loaned Bikes-R-Us $3,000. In year 2, Bikes-R-Us repor
Assume the same facts as in the previous problem, except that at the beginning of year 1 Sunita loaned Bikes-R-Us $3,000. In year 2, Bikes-R-Us reported ordinary income of $12,000. What amount is Sunita allowed to deduct in year 1? What are her stock and debt bases in the corporation at the end of year 1? What are her stock and debt bases in the corporation at the end of year 2?