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Bill and Guilda each own 50 percent of the stock o...

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Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S Corporation. Guilda's basis in her stock is $25,000. On July 31, 2009, Bill sells his stock, with a basis of $40,000, to Loraine for $50,000. For the 2009 tax year, Radiata Corporation has a loss of $100,375. A)Calculate the amount of the corporation's loss that may be deducted by Bill on his 2009 tax return________________________________ B)Calculate the amount of the corporation's loss that may be deducted by Guilda on her 2009 tax return._____________________________________ C) Calculate the amount of the corporation's loss that may be deducted by Loraine on her 2009 tax return?_____________________________________

 

Paper#7895 | Written in 18-Jul-2015

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