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Barry Owns All of the Stock of Jerrico Corporation;an Internet

question 53

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Barry owns all of the stock of Jerrico Corporation;an internet based gaming firm.Barry is also the President of and works full-time for Jerrico.During the current year,Jerrico has a loss of $125,000 from its operations.
i.If Jerrico is an S Corporation,Barry may deduct the loss on his personal tax return as a deduction for AGI.II.If Jerrico is a regular corporation,the corporation can elect to carryforward the loss to reduce taxable income during the next 20 years.


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Piaget

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