Questions 22 and 23 are based on the following:

A is a shareholder in X co., an S corporation. In 20X4, A chase of X cos net operating loss is

$20,000. On 12/31/X4 A has a basis in his X stock of $15,000 before the net

operating loss. A also has a loan due from X for which he has a $7,00 basis. In 20X5, As share of X cos income is 10,000

22.

In 20X4, A may deduct on his return a gain or loss and how much:

23.

As of I/1/X6, A's basis in his stock and debt is, respectively:

24. A owned 40 percent of X (an S corporation) for 200 days during 20X9. A owned 20

percent of X cos for the remaining 165 days in 20X9. X is a calendar year taxpayer and

in 20X9 it had $365,000 of capital gains. A's share co.'s capital gains for is: