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How much of the loss is allocated to Grayson

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Question - Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April 1. ClockCo reports a $144,000 NOL for the entire tax year, but only $21,600 of the loss occurs during January-March.

Required -

Without a short-year election, how much of the loss is allocated to Noelle and how much is allocated to Grayson?

If the corporation makes the short-year election, how much of the loss is allocated to Grayson?

Reference no: EM132527456

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