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Kaiwan, Inc., a calendar year S corporation, is partly owned by Sharrod, whose beginning stock basis is $55,000. During the year, Sharrod's share of a
Kaiwan, Inc., a calendar year S corporation, is partly owned by Sharrod, whose beginning stock basis is $55,000. During the year, Sharrod's share of a Kaiwan long-term capital gain (LTCG) is $8,250, and his share of an ordinary loss is $33,275. Sharrod then receives a $33,000 cash distribution. If an amount is zero, enter "0". a. How much of the loss may Sharrod currently deduct? \$ b. Sharrod's has a suspended loss of $ c. Sharrod's new basis in the Kaiwan stock is $
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