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Show work please. Problem 10-29 (Algo) [LO 10-6, 10-7] On January 1, 2019, Leo...

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Accounting

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Problem 10-29 (Algo) [LO 10-6, 10-7] On January 1, 2019, Leo paid $24,100 for 5 percent of the stock in BLS, an S corporation. In November, he loaned $12,950 to BLS in return for a promissory note. BLS generated a $920,000 operating loss in 2019. Required: a. How much of his share of the loss can Leo deduct on his 2019 return? Assume the excess business loss limitation does not apply. b. Compute Leo's basis in his BLS stock and his BLS note at the end of 2019. Complete this question by entering your answers in the tabs below. Required A Required B Compute Leo's basis in his BLS stock and his BLS note at the end of 2019. BLS Stock BL S Note Adjusted basis

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