Question

Questions 22 and 23 are based on the following:

A is a shareholder in X co., an S corporation. In 20X4, A chase of X co’s net operating loss is

$20,000. On 12/31/X4 A has a basis in his X stock of $15,000 before the net

operating loss. A also has a loan due from X for which he has a $7,00 basis. In 20X5, A’s share of X co’s income is 10,000

22.

In 20X4, A may deduct on his return a gain or loss and how much:

23.

As of I/1/X6, A's basis in his stock and debt is, respectively:

24. A owned 40 percent of X (an S corporation) for 200 days during 20X9. A owned 20

percent of X co’s for the remaining 165 days in 20X9. X is a calendar year taxpayer and

in 20X9 it had $365,000 of capital gains. A's share co.'s capital gains for is:

Answer 1

Ansurr dedutt on his Teturn loss = 20, 000 because his shae d loss is #ag000 So1 x6,A basis in his slock & debti a balance ondy There is Which is due om x but not ahich 'isduc -lo x S01 & debt -o . Stocko Q4 day 200,000X40 = 80,000

165 - 33,000 les,000xao SO) 0 066+ 33,000 13,000 Co.3 Capila gan1 3,00