A Calendar Year C Corporation Reports a $41,000 NOL in 2017,but

question 143

Multiple Choice

A calendar year C corporation reports a $41,000 NOL in 2017,but it elects S status for 2018 and generates an NOL of $30,000 in that year.At all times during 2018,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,holds an S stock basis of $2,300 at the beginning of 2018.How much of the 2018 loss,if any,is deductible by Kris?

• A)$0
• B)$2,300
• C)$3,000
• D)$7,100

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Definitions:

Neurotransmitters

Chemical substances in the body that transmit signals from one neuron to another across synapses.

Immunosteroids

Steroids produced in the body that have immunomodulatory properties, influencing the activity of the immune system.

Amphetamines

A class of stimulant drugs used medically to treat conditions such as attention deficit hyperactivity disorder and narcolepsy, but also subject to abuse for their energizing effects.

General Adaptation

Refers to the process by which organisms adjust to changes in their environment or stressors over time, often discussed in the context of stress biology.