On January 1 of This Year (Assume Not a Leap

question 117

Multiple Choice

On January 1 of this year (assume not a leap year) , Anne bought 50% of a calendar year S corporation. Anne purchased the remaining 50% on July 1. Anne's adjusted basis in the stock is $277,000 before any basis adjustments are taken into account. For this year, the corporation had a net operating loss of $365,000. What is the amount of the corporation's loss that Anne can deduct on her current individual income tax return?

• A)$0
• B)$274,500
• C)$273,500
• D)$365,000

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