A Calendar Year C Corporation Has a $41,000 NOL in 2010

question 140

Multiple Choice

A calendar year C corporation has a $41,000 NOL in 2010, but it elects S status for 2011 and generates an NOL of $30,000 in 2011. At all times during 2011, 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 S stock basis of $2,300 at the beginning of 2011. How much of the loss, if any, is deductible by Kris in 2011?

• A) None.
• B) $2,300.
• C) $3,000.
• D) $7,100.

Recognize ethical considerations and requirements in conducting social research.

Evaluate the limitations and challenges of using online surveys for data collection.

Understand the influence of personal beliefs on the acceptance of research findings.

Assess the appropriateness and effectiveness of various data collection methods in social research.

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Definitions:

Oral Contract

An agreement between parties that is spoken and not formally recorded in written form, yet is legally binding.

Enforceable

Capable of being imposed or executed in accordance with the law.

Bilateral Contract

An agreement featuring mutual obligations, where each party promises to perform an act in exchange for the other party's act.

Self-Service Gas Station

A fuel station where customers pump their own gasoline instead of being assisted by an attendant.