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Wang Corporation, a calendar year $ corporation, has tax-exempt income of $5,000, net capital gain of $4,500, dividend income of $3,500, and ordinary business loss
Wang Corporation, a calendar year $ corporation, has tax-exempt income of $5,000, net capital gain of $4,500, dividend income of $3,500, and ordinary business loss of $9,500 for the current year. Its sole shareholder, Jack, had a stock basis of $10,000 on January 1 . He received a cash distribution during the year from the AAA account of $16,000. How much of the ordinary loss is suspended and carried forward to future years? $9,500 $2,500 $5,000 $0
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