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What is Dana ending stock basis

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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?

Reference no: EM132829970

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