Question: Golf Solutions, an S Corp owned by Tiger, was started with $65,000 cash invested in the stock. A few months after starting the company, Tiger

Golf Solutions, an S Corp owned by Tiger, was started with $65,000 cash invested in the stock. A few months after starting the company, Tiger took $35,000 of cash out of the corporation to buy a rare set of vintage golf clubs. At the end of the first year, the S Corp had a taxable loss of $75,000. How much can he deduct as a loss on his personal tax return? 1. $65,000 2. $75,000 3. $30,000 4. $35,000.

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