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Compute the matthew deductible loss

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Reference no: EM133146917

Question - Kissimmee Clothing, Inc., a calendar year S corporation, is partly owned by Matthew, whose beginning stock basis is $22,000. During the year, Matthew's share of a Kissimmee long-term capital gain (LTCG) is $10,000, and his share of an ordinary loss is $8,000. Matthew then receives a $25,000 cash distribution.

Required -

1. Compute the Matthew's deductible loss.

2. Compute the Matthew's suspended loss.

3. Compute the Matthew's new basis in the Kissimmee stock.

Reference no: EM133146917

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