A calendar year S corporation had dividend income of $10,000 and a net ordinary loss...
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Accounting
A calendar year S corporation had dividend income of $10,000 and a net ordinary loss of $60,000 for the current year. At the beginning of the year, Z, an unmarried 40 percent shareholder, has a basis in the stock of $15,000 and a loan basis of $8,000 from a loan he made to the corporation. Zs only other income is salary from an unrelated business. Z materially participates in the S corporation business. Calculate Z's stock basis AND Z's loan basis at the end of the year. SHOW WORK FOR PARTIAL CREDIT.
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