Jenna owns 30% of the stock in Mockingbird, a calendar year S corporation. Her basis in the stock as of January 1, 2021, is $130,000. Mockingbird has an operating loss of $500,000 in 2021 and an operating profit of $600,000 in 2022. Jenna withdraws $70,000 in cash from the corporation in 2022. 

a. What are Jenna’s tax consequences in 2021?

b. 2022?

c. What is Jenna’s basis in her Mockingbird stock as of January 1, 2022?

d. January 1, 2023?