A calendar year S corporation reports an ordinary loss of $80,000 and a capital loss of $20,000. Mei Freiberg owns 30% of the corporate stock and has a $24,000 basis in her stock. She has asked that you determine the amounts of the ordinary loss and capital loss, if any, that flow through to Freiberg. Since her basis in the stock is $24,000, $fill in the blank 5 is deductible. Thus, $fill in the blank 6 of the operating loss and $fill in the blank 7 of the capital loss is deducted currently by Freiberg.

Randall Bradwick's share of his S corporation net operating loss is $230,000 this year. His stock basis is $200,000, and he loaned the corporation $180,000, which created a debt basis for him of $180,000. Mr. Bradwick does not materially participate in the corporation or its activities. He does not meet the rental income exception. From other sources, Bradwick reports $100,000 of passive income. How much of the corporate net operating loss can Bradwick deduct?

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Hernando is a shareholder in a S corporation. At the beginning of the year, he purchased 1500 shares of the corporation for  $35000. He then received a schedule K-1 for the same year reporting his share of the ordinary business income $10000. The only other item reported on schedule k-1 was $2000 cash distribution. What is Hernando year-end adbjusted basis

K sold 3,000 shares of a public company for $12,000. Before the sale, K owned 10,000 shares; an initial 4,000 were purchased for $4,000 and an additional 6,000 were purchased for $18,000 twenty days before the sale. What amount is to be reported in net income for tax purposes?

This year, the shareholders in Sunflower Company can choose between receiving an additional 1,000 shares of stock or cash of $1000. Sunflower's shareholders will be taxed on the distribution if Sunflower has sufficient E&P. True Or False

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Moore Corporation has 400 shares of stock outstanding that are owned equally by four unrelated shareholders. Moore redeems 100 shares from the shareholders as shown below for $600 per share. Each shareholder has a $180 per share basis for his stock. Moore Corporation's current and accumulated E&P at the end of the tax year is $150,000. what are the tax consequences of these redemptions?

In the current year, Miguel and Abby form Lunar Company by each contributing $35,000 to the company in exchange for a 50% ownership interest. In addition, the company borrows $55,000 from First Bank. In the current year, the company incurs a $82,000 loss from operations. Read the requirements. Requirement a. How much of the loss can each shareholder deduct in the current year if Lunar is an S Corporation, and what is each shareholder's basis in his or her stock at the end of the year? (Complete all input fields. Enter a 0 for zero amounts. Use parentheses or a minus sign for a decrease in basis.) Basis in stock before loss Share of S corporation loss allowed Basis in stock at year end Miguel Abby

Joel is a shareholder in an S corporation. He purchased 200 shares of the corporation at the beginning of the year for $25,000. His Schedule K-1 (Form 1120-S) for the same year reported ordinary business income of $1,300 in Part Ill, box 1 and $1,500 of net long-term capital gain in Part III, box 8a. What is Joel's year-end adjusted basis in the corporation? $25,000 $26,300 $26,500 $27,800 h