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During the year of 2023, Riggins Corporation, an S Corporation, incurs an Operating Loss...

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Accounting

During the year of 2023, Riggins Corporation, an S Corporation, incurs an Operating Loss of $64,000 and a Section 1231 Gain of $36,000. Leona, the sole (one hundred percent (100%)) shareholder of Riggins Corporation, has at the beginning of the year of 2023 a $20,000 basis in her stock and Riggins Corporation has a $32,000 balance in its Accumulated Adjustments Account (AAA) at the beginning of the year of 2023. Leona may deduct on her personal Federal Income Tax Return (Form 1040) for the activities of Riggins Corporation for the year of 2023: $32,000. $56,000. $20,000. $36,000.
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During the year of 2023 , Alggins Corporation, an 5 Corporation, incurs an Operating Loss of $64,000 and a Section 1231 Gain of $36,000. Leona, the sole (one hundred percent (100%) shareholder of Riggins Corporation, has at the beginning of the year of 2023 a $20.000 basis in her stock and Riggins Corporation has a $32,000 balance in its Accumulated Adjustments Account (AAA) at the beginning of the year of 2023. Leona may deduct on her personal Federal income Tax Return (Form 1040) for the activities of Riggins Corporation for the year of 2023 : $32,000 $56,000. $20,000 $36,000

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