Corbin has a 15000 basis in his 50 percent ownership in an, Ask an Expert

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Corbin has a $15,000 basis in his 50 percent ownership in an S corporation and lent the corporation $5,000 last year. The corporation has $30,000 of other debt. This year the corporation reported a $100,000 loss. How much of this loss may Corbin deduct?

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Category:- Accounting Basics
Reference No.:- M943565

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