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Suppose CCS is organized as an S corporation and has a loss of $60,000 in...

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Accounting

Suppose CCS is organized as an S corporation and has a loss of $60,000 in year 1. Nicoles basis in her CCS stock before the $60,000 year 1 loss is $100,000. How much tax will Nicole (and her husband) pay on the $400,000 of other income? Assuming Nicole passes the basis, at risk, and passive activity rules, and her marginal tax rate is 37%.

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