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Shannon Lundy is a 50% shareholder in Wing & Ground, Inc, an S corporation. This year her share of Wing & Ground's operating loss is

Shannon Lundy is a 50% shareholder in Wing & Ground, Inc, an S corporation. This year her share of Wing & Ground's operating loss is $195,000. Shannon has income from several other sources.

Identify and discuss the tax issues related to the effects of the S corporation loss on Shannon's tax report?

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