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How much of the loss can jon deduct

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Question - On January 1, 2010, Jon purchased 50% of Waite, an S corporation, for $75,000. At the end of 2010, Waite incurred an ordinary loss of $160,000. How much of the loss can Jon deduct on his personal income tax return for 2010?

a. $37,500

b. $75,000

c. $80,000

d. $160,000

Reference no: EM131818872

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