What income will solo report on his tax return in year

Reference no: EM133611537

Question: Solo owns 100% of the stock in Cup Corporation, an S Corp. Solo's stock basis is $25,000 at the beginning of Year 1. During Year 1, Cup Corporation incurs an ordinary loss of $30,000, and in Year 2 Cup Corporation has $25,000 of income. What income/(loss) will Solo report on his tax return in Year 1? What income/(loss) will Solo report on his tax return in Year 2?

Reference no: EM133611537

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