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Golf Solutions, an S Corp owned by Tiger, was started with $65,000 cash invested in the stock. A few months after starting the company, Tiger
Golf Solutions, an S Corp owned by Tiger, was started with $65,000 cash invested in the stock. A few months after starting the company, Tiger took $35,000 of cash out of the corporation to buy a rare set of vintage golf clubs. At the end of the first year, the S Corp had a taxable loss of $75,000. How much can he deduct as a loss on his personal tax return? A. $75.000 B. $30,000 C. $65,000 D. $35,000
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