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What is jamaal stock and debt basis at the end of the year

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Reference no: EM133170525

Question - Suppose that at the beginning of 2021 Jamaal's basis in his S corporation stock was $21000 and Jamaal has directly loaned the S corporation $10,000. During 2021, the S corporation reported an $80,000 ordinary business loss and no separately stated items. After any loss deductions this year, what is Jamaal's stock and debt basis at the end of the year if Jamaal is a 50 percent shareholder of the S corporation?

Reference no: EM133170525

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