Bobs share of an S corporation loss is $50,000, and his basis in his stock on December
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Question:
Bob’s share of an S corporation loss is $50,000, and his basis in his stock on December 31, Year 1, is $25,000. He loaned the S corporation $10,000 during the year, which has not been repaid.
What maximum amount of loss (before passive and at-risk limitations) can Bob deduct on his Year 1 tax return?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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