Solution-What amount is michael entitled to deduct

What amount is michael entitled to deduct

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Question - Michael Moore owns stock in an S corporation. The corporation sustained a net operating loss during the year. Michael's share of the loss is $5,000. His adjusted basis in the stock is $1,000. In addition, he has a loan outstanding to the corporation in the amount of $2,000. What amount, if any, is Michael entitled to deduct with respect to the loss?

a. $5,000

b. $3,000

c. $2,000

d. $1,000

Reference no: EM131767067

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What amount is michael entitled to deduct

Reference no: EM131767067

Reference no: EM131767067

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