(Answered) Question - paul corp was formed in 20x1 with an initial

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Question - Paul Corp was formed in 20X1 with an initial capitalization of $2 million. Scott was one of the original shareholders, receiving 100 shares of stock with a basis of $70,000. On October 5, 20X2, the corporation declared bankruptcy and the stock became worthless. How much may Scott deduct on his individual return for 20X2, assuming that he has no other capital gains or losses?

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