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Problem - Phillips, Inc., a calendar S corporation is owned 50% by Dana and 50% by Austin. During 2020 Phillips had the following items:
Long-term capital gain $4,000
Ordinary loss (18,000)
Distribution to Dana $6,000
Dana had a stock basis of $10,000 at the beginning of the year.
Required -
a. What is Dana's ending stock basis and what is her amount of suspended loss, if any?
b. What will Dana report on her 2020 income tax return?
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