Suppose at the beginning of 2018, Jamaal's basis in his S corporation stock was $31,500...
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Accounting
Suppose at the beginning of 2018, Jamaal's basis in his S corporation stock was $31,500 and that Jamaal has directly loaned the S corporation $9,920. During 2018, the S corporation reported an $83,500 ordinary business loss and no separately stated items. How much of the ordinary loss is deductible by Jamaal if he owns 50% of the S corporation?
$9,920.
$31,500.
$41,420.
$41,750.
None of the choices are correct.
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