contestada

Charlene's adjusted basis in S corporation stock was $10,000. Her share of S corporation losses was $22,000. On the last day of the year, she sells her entire interest in the S corporation. How much loss from the current year operations can Charlene deduct under the basis rules

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abiolataiwo2015

Answer:

$10,000

Explanation:

Based on the information given about Charlene's the amount of loss from the current year operations that Charlene can tend to deduct under the basis rules will be

$10,000 because the amount of $10,000 which was the adjusted basis in S corporation stock will clears the basis limitation in which the amount of $10,000 can be deducted in the current year. This means that the remaining loss will be put on hold and will not be deductible because of sale of the interest.

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