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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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