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Suppose that at the beginning of 2019 Jamaal's basis in his S corporation stock was $28,000 and Jamaal has directly loaned the S corporation $9,990.
Suppose that at the beginning of 2019 Jamaal's basis in his S corporation stock was $28,000 and Jamaal has directly loaned the S corporation $9,990. During 2019, the S corporation reported an $80,100 ordinary business loss and no separately stated items. How much of the ordinary loss is deductible by Jamaal if he owns 50 percent of the S corporation?
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