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 2009, 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. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.