Suppose at the beginning of 2010 jamaals basis in his s, Ask an Expert

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Suppose at the beginning of 2010, Jamaal's basis in his S corporation stock was $27,000 and that Jamaal has loaned the S corporation $10,000. During 2010, the S corporation reported an $80,000 ordinary business loss and no separately stated items. How much of the ordinary loss is deductible by Jamaal if he owns 50% of the S corporation?

A. $37,000

B. $27,000

C. $10,000

D. $40,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M960244

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