Malcolm is the sole shareholder in an S corporation. At the beginning of the year,...
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Accounting
Malcolm is the sole shareholder in an S corporation. At the beginning of the year, his basis in this stock is $7,000. For the year, the corporation incurs a $4,500 loss. By the end of the year, the corporations stock is worthless. What is the amount of loss from the worthless stock that Malcolm is allowed to take on his return?
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