A Calendar Year C Corporation Reports a $41,000 NOL in 2017,but

question 143

Multiple Choice

A calendar year C corporation reports a $41,000 NOL in 2017,but it elects S status for 2018 and generates an NOL of $30,000 in that year.At all times during 2018,the stock of the corporation was owned by the same 10 shareholders,each of whom owned 10% of the stock.Kris,one of the 10 shareholders,holds an S stock basis of $2,300 at the beginning of 2018.How much of the 2018 loss,if any,is deductible by Kris?

• A)$0
• B)$2,300
• C)$3,000
• D)$7,100

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Definitions:

Accomplishments

Achievements or completed goals that demonstrate success or progress.

Service Manager

A professional responsible for coordinating and managing the delivery of services in businesses and organisations.

Nurture

The practice of nurturing and supporting the advancement or progression of an individual or entity.

Personality Traits

Enduring characteristics and habitual patterns of behavior, thought, and emotion that are relatively stable over time.