Check my work 7 On January 1, 2017, Leo paid $18,100 for 5 percent of the stock in BLS, an S corporation. In November, he loaned $10,350 to BLS in return for a promissory note. BLS generated a $640,000 operating loss in 2017. a. How much of his share of the loss can Leo deduct on his 2017 return? Assume the excess business loss limitation does not apply. b. Compute Leo's basis in his BLS stock and his BLS note at the end of 2017 points Complete this question by entering your answers in the tabs below eBook Required A Required B How much of his share of the loss can Leo deduct on his 2017 return? Assume the excess business loss limitation does not apply Deduction Required B Required A Check my work 7 On January 1, 2017, Leo paid $18,100 for 5 percent of the stock in BLS, an S corporation. In November, he loaned $10,350 to BLS in return for a promissory note. BLS generated a $640,000 operating loss in 2017. a. How much of his share of the loss can Leo deduct on his 2017 return? Assume the excess business loss limitation 5 points does not apply. b. Compute Leo's basis in his BLS stock and his BLS note at the end of 2017 Complete this question by entering your answers in the tabs below. eBook Required A Required B Compute Leo's basis in his BLS stock and his BLS note at the end of 2017 BLS Stock BLS Note Adjusted basis Required A Required B>