Solved: Fred owns all the shares of cisco inc an s corporations, Accounting Basics

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Fred owns all the shares of cisco inc an s corporations

Question - Fred owns all the shares of Cisco, Inc. an S corporations. His basis at the beginning of the year was $20,000. At the end of the year, the corporation passes through a $25,000 non-separately stated loss. Fred has a guaranteed a loan that the bank to corporation in the amount of $100,000.

What is the amount of loss that Fred can take on his return?

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Accounting Basics: Fred owns all the shares of cisco inc an s corporations

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Accounting Basics: Fred owns all the shares of cisco inc an s corporations

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