Solution-How much of the loss will it report to sookie

How much of the loss will it report to sookie

Reference no: EM133092352

Question - Gabby and Sookie were shareholders of Chet Inc, a calendar (365 day) year S Corporation. On 1/1/X1 Gabby owned 40% and Sookie owned 60% of Chet Inc. On 3/31/X1 (89 days into the year), Gabby sold half of her shares to Sookie for $ 10,000. The corporation's books show a loss of $ 20,000 from 1/1/X1 - 3/31/X1 and a $ 31,100 loss from 4/1/X1 - 12/31/X1 for a total 20X1 loss of $ 51,100 loss. How much of the loss will it report to Sookie as her share of the non-separately stated loss?

Reference no: EM133092352

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How much of the loss will it report to sookie

Reference no: EM133092352

Reference no: EM133092352

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