An S-corporation acquired a Sec. 1231 property on June 5, 2018 for $10,000 and sold it on
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An S-corporation acquired a Sec. 1231 property on June 5, 2018 for $10,000 and sold it on Dec. 21, 2019 for $8,900, creating a Sec. 1231 loss of $1,100. They also acquired a capital asset on March 3, 2017 for $100,000 and sold it on Sept 15, 2019, for $148,666, creating a long-term gain on sale of $48,666.
How much would an individual taxpayer claim from the Sec. 1231 loss if he owned 50% of the S corporation interest all year, owning 500 shares all year? Also, how much would he claim as a long-term capital gain?
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