Bill & Guilda each own 50% of the stock of Radiata corp. an s corporation. Guilda's basis
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Bill & Guilda each own 50% of the stock of Radiata corp. an s corporation. Guilda's basis in her stock is $25,000. On July 31, 2014 bill sells his stock, with a basis of $40,000 to Loraine for $50,000. For the 2014 tax year Radiata corp has a loss of $100,375.
a. Calculate the amount of the Corp's loss that may be deducted by bill on his 2014 tax return
b. Calculate the amount of the Corp's loss that may be deducted by Guilda on her 2014 return
c. Calculate the amount of the Corp's loss that may be deducted by Loraine on her 2014 tax return.
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
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