Suppose that at the beginning of 2019 jamaal's basis in his s corporation stock is $0, he has a $0 debt basis associated with a $16,000 loan he made to the s corporation, and he has a $11,000 suspended loss from the s corporation. in 2019, jamaal contributed $14,000 to the s corporation, and the s corporation had ordinary income of $10,000. assume that jamaal owns 40 percent of the s corporation. how much net income or loss does jamaal report this year from the s corporation?

-$7,000

Explanation:

Net loss reported by Jamaal this year from the S corporation:

= Ordinary income - suspended loss from the S corporation

= (40 percent of the S corporation × Ordinary income) - suspended loss from the S corporation

= (40% × $10,000) - $11,000

= $4,000 - $11,000

= -$7,000

Jamaal may deduct the $11000 loss carryover against his debt basis,

which was increased by his $14,000 contribution,

and his $4,000 share of S corporation income.

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