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Parker is a 100 percent shareholder of Johnson Corporation (an S corporation). At the beginning of 2023, Parker's basis in his Johnson Corporation stock was

Parker is a 100 percent shareholder of Johnson Corporation (an S corporation). At the beginning of 2023, Parker's basis in his Johnson Corporation stock was $14,000. During 2023, Parker loaned $20,000 to Johnson Corporation and Johnson Corporation reported a $25,000 ordinary business loss and no separately stated items. In 2024, Johnson corporation reported $8,000 of ordinary business income

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