Identify the federal income tax issues which face pete

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Q. Orange, Inc. a calendar year corporation in Clemson, South Carolina, elects S corporation status for 2011. The corporation generated a $74,000 NOL in 2010 and another NOL of $43,000 in 2011. Orange recorded no other transactions for the year.

At all times in 2010 and 2011, the stock of the corporation is owned by the same four shareholders, each owning 25% of the stock. Pete, one of the shareholders, holds a $6,020 basis in the Orange stock at the beginning of 2011. Identify the Federal income tax issues which face Pete.

Reference no: EM1387197

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