Question: Don Juan, a single taxpayer, is the sole owner of DJ's Incorporated, an S Corporation. In 2024, DJ's Incorporated incurred a massive $600,000 business

Don Juan, a single taxpayer, is the sole owner of DJ's Incorporated,

Don Juan, a single taxpayer, is the sole owner of DJ's Incorporated, an S Corporation. In 2024, DJ's Incorporated incurred a massive $600,000 business loss, all of which is allocable to Don Juan as the sole shareholder. Assume that the $600,000 loss is not limited by the basis, at-risk, or passive loss rules, and that Don Juan has no other business income or business losses. How much of the $600,000 loss will Don Juan be able to deduct this year? What happens to any loss not deducted this year? Deductible loss $ 600,000 Loss cared forward $ 0

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