Multiple Choice
Corbin has a $15,000 basis in his 50 percent ownership in an S corporation and lent the corporation $5,000 last year.The corporation has $30,000 of other debt.This year the corporation reported a $100,000 loss.How much of this loss may Corbin deduct?
A) $15,000
B) $20,000
C) $35,000
D) $50,000
Correct Answer:
Verified
Correct Answer:
Verified
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