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30. Cactus Corporation, an S Corporation, had accumulated earnings and profits of $100,000 at the beginning of 2017. Tex and Shirley each own 50% of the stock and have a basis in their stock of $50,000 on January 1, 2017. Cactus does not make any distributions during 2017, but had $200,000 of ordinary income. In 2018, ordinary income was $100,000 and distributions were $100,000. What is Tex's basis at January 1, 2019?

A) $100,000

B) $150,000

C) $200,000

D) $250,000

32. Identify which of the following statements is false.

A) Randy is a shareholder in an S corporation. His stock basis is $10,000 and his basis in a loan he made to the corporation is $3,000. Randy's share of the corporation's ordinary loss for the current year is $11,000. Ignoring the at-risk and passive activity limitations, Randy can deduct the loss in full.

B) A shareholder's S corporation stock basis will increase when the shareholder acts as guarantor on a corporate indebtedness.

C) A shareholder's ratable share of the S corporation's ordinary loss reduces the adjusted basis of his/her S corporation stock. Once the basis of the stock is reduced to zero, any loss-passthrough that remains reduces the basis of S corporation debts that are owed to the shareholder.

D) Debt basis is restored before stock basis.