Calculate the amount of the corporation loss

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Question - Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guilda's basis in her stock is $21,000. On May 26, 2019, Bill sells his stock, with a basis of $40,000, to Loraine for $50,000. For the 2019 tax year, Radiata Corporation has a loss of $104,000. Calculate the amount of the corporation's loss that may be deducted by Guilda on her 2019 tax return.

Reference no: EM132935001

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