Solution-Find how much of the loss should be allocated to

Find how much of the loss should be allocated to Larry

Reference no: EM132617613

Question - Larry and Barry owned equally all of the stock of an S corporation. The S corporation has a loss of $80,000 during a non-leap year. Larry sells his one half interest in the S corporation stock to his friend, James, on the 150th day of the year. How much of the loss should be allocated to Larry rounded to the nearest dollar?

a. $40,000

b. $47,123

c. $16,438

d. $23,562

Reference no: EM132617613

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Find how much of the loss should be allocated to Larry

Reference no: EM132617613

Reference no: EM132617613

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