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Stevie D. contributed property to Animal Corp. an S-Corporation, with a FMV of $50,000 and a basis of $30,000 in V1 for a 50%
Stevie D. contributed property to Animal Corp. an S-Corporation, with a FMV of $50,000 and a basis of $30,000 in V1 for a 50% ownership percentage. During Y1 and Y2, Animal Corp. reported income totaling $50,000 and made distributions totaling $100,000 (proportionally to each shareholder). In Y3 Animal Corp. reported an ordinary business loss of $20,000. What was Stevie D's deductible Y3 loss attributable to Animal Corp.? $0 deductible loss $10,000 deductible loss $5.000 de los gel loss $7,500 deductible loss.
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