The s corporation reports an ordinary loss of 90000 for, Ask an Expert

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Jeff owns 100% of an S corporation's stock with a basis in his stock of $60,000 on January 1 2009. In addition, the S corporation owes Jeff $20,000 on January 1, 2009. The debt has a basis of $20,000 on January 1, 2009, and is evidenced by a note. The S corporation reports an ordinary loss of $90,000 for 2009. In 2010, it reports ordinary income of $15,000.

a. find out Jeff's stock and debt basis at the end of 2009 and 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M980063

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