Jeff Owns 50% of an S Corporation's Stock with a Basis

question 96

Essay

Jeff owns 50% of an S corporation's stock with a basis in his stock of $50,000 on January 1. In addition, the S corporation owes Jeff $30,000 on January 1. The debt has a basis of $30,000 and is evidenced by a note. The S corporation reports an ordinary loss of $150,000 for the current year. The next year, it reports ordinary income of $20,000. On January 1 of the third year, the note is repaid. Due to the repayment of the note, Jeff must report what?

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Definitions:

French Republic

The official name of France as a democratic country, established in 1792 after the overthrow of the monarchy, currently in its Fifth Republic initiated in 1958.

French Army

The land-based military force of France, established in the early modern period, known for its pivotal roles in European and global conflicts throughout history.

Metal Relief Etching

A printmaking technique where designs are incised into a metal plate, creating indented areas that hold ink and form the printed image when pressed onto paper.

Romantic Artist

An artist associated with the Romanticism movement, emphasizing emotion, individualism, and the glorification of nature and the past.