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Calculate G deductible loss and basis in stock

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Reference no: EM132464704

Problem - An "S" Corporation has the following items for the 2019 tax year

Revenue

$160,000

Operating expenses

$190,000

Charitable contributions

$5,000

Long term capital gains

$20,000

Shareholder Distributions

$10,000

"G" (the sole shareholder of the corporation) has a stock basis of $15,000 prior to taking into consideration the items set forth above.

Required -

a) Calculate non-separately stated and separately stated items of the S Corp.

b) Calculate G's deductible loss and basis in stock after applying flow-through of the S Corp items.

Reference no: EM132464704

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