29. LO.7 Cynthia and Doug are equal shareholders in Penguin, a calendar year S corporation. At the...

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29. LO.7 Cynthia and Doug are equal shareholders in Penguin, a calendar year S corporation.

At the end of 2012, Penguin has an operating loss. Although Cynthia and Doug have the same basis in their Penguin stock, Cynthia can deduct all of her share of the corporation’s loss, while Doug cannot. How can this result take place?

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