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  3. w corporation, an electing s corporation, is 100%

W Corporation, an electing S corporation, is 100% owned by Jack. On January 1 of...

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Accounting

  1. W Corporation, an electing S corporation, is 100% owned by Jack. On January 1 of the current year, his adjusted basis in the corporations stock was $30,000. During the year, the corporation reported an ordinary loss of $30,000, tax-exempt municipal bond income of $15,000, dividend income from domestic corporations of $5,000, a long-term capital loss of $20,000, and a short-term capital loss of $30,000. What is Jacks adjusted basis for his stock at the end of the year?

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