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please if possible answer Required A and B. thank you. On January 1, 2020. Leo patd $17,300 for 5 percent of the stock in BLS,

please if possible answer Required A and B. thank you. image text in transcribed
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On January 1, 2020. Leo patd $17,300 for 5 percent of the stock in BLS, an Scorporation. In November, he loaned $8,550 to BLS in retum for a promissory note. BLS generated a $956,000 operating loss in 2020. Required: a. How much of his share of the loss can leo deduct on his 2020 return? Assume the excess business loss limitation does not apply. b. Compute Leo's basis in his BLS stock and his BLS note at the end of 2020. Complete this question by entering your answers in the tabs below. Required A Required B How much of his share of the loss can Leo deduct on his 2020 return? Assume the excess business loss limitation does not apply Deduction On January 1, 2020, Leo paid $17,300 for 5 percent of the stock in BLS an S corporation. In November, he loaned $8,550 to BLS In return for a promissory note. BLS generated a $956,000 operating loss in 2020. Required: o. How much of his share of the loss can Leo deduct on his 2020 return? Assume the excess business loss limitation does not apply. b. Compute Leo's basis in his BLS stock and his BLS note at the end of 2020. Complete this question by entering your answers in the tabs below. Required A Required B Compute Leo's basis in his BUS stock and his BLS note at the end of 2020. BLS Stock BLS Note Adjusted basis

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