Corbin has a $15,000 basis in his 50 percent ownership in an S corporation and lent the corporation $5,000 last year The corporation has $30,000 of other debt This year the corporation reported a $100,000 loss How much of this loss may Corbin deduct ...

Computation of the Loss may Corbin Deduc ...

Corbin has a $15,000 basis in his 50 percent ownership in an S corporation and lent the

Question:

Corbin has a $15,000 basis in his 50 percent ownership in an S and lent the $5,000 last year. The has $30,000 of other debt. This year the reported a $100,000 loss. How much of this loss may Corbin deduct?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...