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Business, 25.12.2019 17:31 tayler1911
fox corp., an s corporation, had an ordinary loss of $36,500 for the year ended december 31, year 2. at january 1, year 2, duffy owned 50% of fox’s stock. duffy held the stock for 40 days in year 2 before selling the entire 50% interest to an unrelated third party. duffy’s basis for the stock was $10,000. duffy was a full-time employee of fox until the stock was sold. duffy’s share of fox’s loss was:
a) $0
b) $2,000
c) $10,000
d) $18,250
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fox corp., an s corporation, had an ordinary loss of $36,500 for the year ended december 31, year 2....
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