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Result of corporate losses

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Reference no: EM131785708

Wesley invested $100,000 in Hollywood (a C corporation) for a 10% interest and also invested $50,000 in Cage (an S corporation) for a 25% interest. For the current year, Hollywood had a taxable loss of $120,000 and Cage had a taxable loss of $75,000. No distributions were made. If Wesley is in the 25% marginal tax bracket, how much will he be able to save in taxes in the current year as a result of these corporate losses? (Round up your calculations)

Reference no: EM131785708

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