A Calendar Year C Corporation Has a $33,000 NOL in 2007,but

question 74

Multiple Choice

A calendar year C corporation has a $33,000 NOL in 2007,but elects S status for 2008 and generates an NOL of $30,000 in 2008. At all times during 2008,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,has an adjusted stock basis of $2,200 at the beginning of 2008. What amount of the loss,if any,is deductible by Kris in 2008?

• A)None.
• B)$2,200.
• C)$3,000.
• D)$6,300.
• E)Some other amount.

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Definitions:

Law and Order Stage

A stage in moral development where individuals prioritize obedience to laws and respect for authority as essential for maintaining societal order.

Moral Development

The process of learning to distinguish right from wrong and developing the capacity to act based on ethical principles.

Loyal Employee

An individual who demonstrates a strong commitment and dedication to their employer or organization, often exhibiting high levels of engagement and reliability.

Values and Principles

Fundamental beliefs and guidelines that dictate the behavior and actions of an individual or organization.