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Problem - Fox Corp., an S corporation, had an ordinary loss of $36,500 for the year ended December 31, year 2. At January 1, year 2, Duffy owned 50% of Fox's stock. Duffy held the stock for 40 days in year 2 before selling the entire 50% interest to an unrelated third party. Duffy's basis for the stock was $10,000. Duffy was a full-time employee of Fox until the stock was sold. Compute Duffy's share of Fox's loss?
a. $0
b. $2,000
c. $10,000
d. $18,250
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