11. T, a 40% owner, has a basis in a S Corporation's stock of $12,000 and in a note receivable from the S Corporation of $10,000. The S Corporation has a net operating loss of $40,000 in 2020 and a gain of $30,000 in 2021. Compute the basis of the stock and the note and the amount of the ordinary loss and/or income that flows through to T in 2019 and 2020. Stock Note Basis before loss Loss Total 2019 Gain Total 2020

11. T, a 40% owner, has a basis in a S Corporation's stock of $12,000 and in a note receivable from the S Corporation of $10,000. The S Corporation has a net operating loss of $40,000 in 2020 and a gain of $30,000 in 2021. Compute the basis of the stock and the note and the amount of the ordinary loss and/or income that flows through to T in 2019 and 2020. Stock Note Basis before loss Loss Total 2019 Gain Total 2020

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 32CE

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