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How much loss can each shareholder deduct

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Question - Bob and Sam each owned 50% of Lostalot, an S Corporation. Bob's basis is $30,000 and Sam's basis is $15,000. The corporation has operating loss for the current year of $50,000. How much loss can each shareholder deduct in the current year assuming they materially participate in the business?

A) Bob: $0; Sam: $0

B) Bob: $30,000; Sam: $15,000

C) Bob: $25,000; Sam: $25,000

D) Bob: $25,000; Sam: $15,000

Reference no: EM132010739

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