Peter owns 50% of Air South Corporation, an air charter service. His S corporation stock basis at

Question:

Peter owns 50% of Air South an air charter service. His S stock basis at beginning of the year is $100,000. Air South has not done well this year and will report an ordinary loss of $375,000. What tax issues should Peter consider with respect to the loss?
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...