An Electing S Corporation Has a $30,000 Ordinary Loss for the Non-Leap

question 84

Multiple Choice

An electing S corporation has a $30,000 ordinary loss for the non-leap year. On January 1, Beverly and Sonya own equally all of the S corporation stock. On the 146th day of the year, Beverly gives her one-half of the S corporation stock to her daughter Becky. How much of the $30,000 ordinary loss is allocated to Sonya?

• A)$25,000
• B)$15,000
• C)$10,000
• D)$6,000

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Definitions:

Gene

Chromosomal DNA sequence that encodes an RNA or protein product.

Chromosome

A chromosome is a long, continuous thread of DNA that contains numerous genes and regulatory information, essential for genetics and heredity.

Combination

The action of combining two or more elements or things into a single entity or mixture.

Alleles

Different forms of a gene that arise by mutation and are found at the same place on a chromosome.