On january 1 2015 leo paid 18100 for 5 percent of the stock, Financial Accounting

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On january 1 2015 leo paid 18100 for 5 percent of the stock

On January 1, 2015, Leo paid $18,100 for 5 percent of the stock in BLS, an S corporation. In November, he loaned $10,350 to BLS in return for a promissory note. BLS generated a $640,000 operating loss in 2015.

a. How much of his share of the loss can Leo deduct on his 2015 return?

b. Compute Leo’s basis in his BLS stock and his BLS note at the end of 2015.

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Financial Accounting: On january 1 2015 leo paid 18100 for 5 percent of the stock

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Financial Accounting: On january 1 2015 leo paid 18100 for 5 percent of the stock

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