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How much of the ordinary loss can crystal deduct

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Reference no: EM133187099

Question - King Corporation, an electing S corporation, is 100% owned by Crystal. On January 1 of the current year her adjusted basis in the King stock is $30,000. During the year, King reports an ordinary loss of $30,000, tax-exempt municipal bond income of $15,000, dividend income from domestic corporations of $5,000, a long-term capital loss of $20,000 and a short-term capital loss of $30,000. How much of the ordinary loss can Crystal deduct?

Reference no: EM133187099

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