Mark Davenport owns 40% of Davenport Corporation, a calendar year-end S corporation. His beginning basis in his stock is $33,000 and his Schedule K-1 reflected the following items for the current year:

Ordinary business loss		$25,000
Dividend income		$ 4,000
Section 1231 gain		$ 6,000
Distributions		$20,000

What is Mark's ending basis in his stock for the current year in Davenport Corporation? How much of Mark's loss is deductible?

Answer rating: 100% (QA)

To calculate Marks ending basis in his stock for the current year and the deductible loss we need ... View the full answer