Funky Chicken Is a Calendar Year S Corporation with the Following

question 45

Multiple Choice

Funky Chicken is a calendar year S corporation with the following current year information: On January 1 June Cross bought 60% of Funky Chicken for $45,000.She then loaned the company $20,000.How much of the operating loss may Cross deduct on her Form 1040? Assume the excess business loss limitation does not apply.

• A)$57,000
• B)$80,000
• C)$65,000
• D)$75,000

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Definitions:

Shooting Commercials

The process of producing TV or digital video advertisements to promote products or services.

Quality Artwork

High-level, professionally produced visual content that meets certain standards of excellence and creativity.

Humorous Appeals

Marketing strategies that utilize humor to capture the audience's attention and enhance brand recall.

Global Campaign

A promotional strategy implemented across multiple countries to achieve brand awareness, engagement, and sales on a worldwide scale.