Kim is a 40% shareholder in Taupe Corporation, a calendar year S corporation. During 2018, Taupe had
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Kim is a 40% shareholder in Taupe Corporation, a calendar year S corporation. During 2018, Taupe had an operating loss of $200,000. If Kim has a basis of $50,000 in his stock and has made a loan to Taupe of $20,000, how much of the loss can he deduct for 2018?
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70000 Kims share of the loss is 800...View the full answer
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Related Book For
South-Western Federal Taxation 2019 Individual Income Taxes
ISBN: 9781337702546
42nd Edition
Authors: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
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