Chandra was the sole shareholder of Pet Emporium that was originally formed as an S corporation. When
Question:
Chandra was the sole shareholder of Pet Emporium that was originally formed as an S corporation. When Pet Emporium terminated its S election on August 31, 2017, Chandra had a stock basis and an at-risk amount of $0. Chandra also had a suspended loss from Pet Emporium of $9,000. What amount of the suspended loss is Chandra allowed to deduct, and what is her basis in her Pet Emporium stock at the end of the post-termination transition period under the following alternative scenarios (assume Pet Emporium files for an extension to file its tax returns)?
a. Chandra makes capital contributions of $7,000 on August 30, 2018, and $4,000 on September 14, 2018.
b. Chandra makes capital contributions of $5,000 on September 1, 2018, and $5,000 on September 30, 2018.
c. Chandra makes a capital contribution of $10,000 on August 31, 2018.
d. Chandra makes a capital contribution of $10,000 on October 1, 2018.
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a Chandra is allowed to create stock basis to absorb the suspended loss until the end of the post te...View the full answer
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