On January 1,Bobby and Alice Own Equally All of the Stock

question 113

Multiple Choice

On January 1,Bobby and Alice own equally all of the stock of an electing S corporation called Prairie Dirt Delight.The dirt company has a $60,000 loss for a non-leap year.On the 219th day of the year,Bobby sells his one-half of the stock to his son,Paul.How much of the $60,000 loss,if any,is allocated to Bobby?

• A)$0.
• B)$18,000.
• C)$36,000.
• D)$60,000.
• E)None of the above.

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Lawton IADL Instrument

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