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Business, 28.05.2021 01:00 aliyahgregory

A calendar year C corporation reports a $41,000 NOL in 2018, but it elects S status for 2019 and generates an NOL of $30,000 in that year. At all times during 2019, the stock of the corporation was owned by the same 10 shareholders, each of whom owned 10% of the stock. Kris, one of the 10 shareholders, holds an S stock basis of $2,300 at the beginning of 2019. How much of the 2019 loss, if any, is deductible by Kris

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A calendar year C corporation reports a $41,000 NOL in 2018, but it elects S status for 2019 and gen...
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