24 3 Points Sheree is an 80% shareholder in Bouncer Inc., a calendar year S corporation. Sheree's outside stock basis is $20,000. During the year, Sheree makes a loan to the corporation of $12,000. Bouncer has an ordinary business loss of $50,000 and a long-term capital gain of $5,000. What amount of loss can Sheree deduct on her individual tax return?

Answer rating: 100% (QA)

Sheree can deduct 32000 of the loss on her individual tax return Heres how we arrive at this answer ... View the full answer