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Corbin has a 15000 basis in his 50 ownership in an s

Question - Corbin has a $15,000 basis in his 50% ownership in an S corporation and lent the corporation $5,000 last year. The corporation has $30,000 of other debt. This year the corporation reported a $100,000 loss. How much of this loss may Corbin deduct?

1. $15,000

2. $20,000

3. $35,000

4. $50,000

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Accounting Basics: Corbin has a 15000 basis in his 50 ownership in an s

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