How much of the ordinary loss allocated to parker

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Reference no: EM13134606

Parker is a 100% shareholder of Johnson Corp. (an S corporation). At the beginning of 2011, Parker's basis in his Johnson Corp. stock was $14,000. During 2011, Parker loaned $20,000 to Johnson Corp. and Johnson Corp. reported a $25,000 ordinary business loss and no separately stated items. In 2012, Johnson Corp. reported $8,000 of ordinary business income.

How much of the $25,000 ordinary loss allocated to Parker clears the tax basis hurdle for destructibility in 2011?

Reference no: EM13134606

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