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Boston Celtics, Inc. has been an S corporation since its inception. On July 15, 2017,...

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Accounting

Boston Celtics, Inc. has been an S corporation since its inception. On July 15, 2017, Boston Celtics, Inc. distributed $56,000 to Larry. His basis in his Boston Celtics, Inc. stock on January 1, 2017, was $51,000. For 2017, Larry was allocated $16,000 of ordinary income from Boston Celtics, Inc. and no separately stated items. What is Larry's basis in his Boston Celtics, Inc. stock after all transactions in 2017?

$40,000.

$24,000.

$8,000.

$11,000.

None of the choices are correct

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