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Daxson, Inc., a calendar year S corporation, is partly owned by Jean Michele, whose beginning stock basis is $125,000. During the year Jean Michele's share

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Daxson, Inc., a calendar year S corporation, is partly owned by Jean Michele, whose beginning stock basis is $125,000. During the year Jean Michele's share of a Jaxon long-term capital gain (LTCG) is $14,900, and her share of an ordinary loss is $64,800. Jean Michele also receives an $11,000 cash distribution. Jean Michele's deductible loss is s

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