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Fulmer, an individual, owns 50% of Roadhouse, an S corporation. At the beginning of the year, Fulmer's basis in Roadhouse was $50,000. Roadhouse reported the
Fulmer, an individual, owns 50% of Roadhouse, an S corporation. At the beginning of the year, Fulmer's basis in Roadhouse was $50,000. Roadhouse reported the following items from operations during the current year: Ordinary loss $20,000 Municipal interest income 4,000 Section 1231 gain 6,000 Dividend income 8,000 How much ordinary business income/loss must Fulmer report for the year? $ 0. ($1,000). ($10,000). ($20,000)
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