Question: Please help! Got these 2 questions wrong! Will thumbs you up! Don Juan, a single taxpayer, is the sole owner of DJ's Inc., an S

Please help! Got these 2 questions wrong! Will thumbs you up!

Please help! Got these 2 questions wrong! Will thumbs you up! Don

Juan, a single taxpayer, is the sole owner of DJ's Inc., an

Don Juan, a single taxpayer, is the sole owner of DJ's Inc., an S Corporation. This year, DJ's Inc. incurred a massive $600,000 business loss, all of which is allocable to Don Juan as the sole shareholder. Assume that $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? Answer is complete but not entirely correct. Deductible loss $ 600,000 * Loss carried forward 600,000

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