Facts for 16 and 17 operating loss of $22,000 and During the year 2005, an S cor

Question

Facts for 16 and 17 operating loss of $22,000 and During the year 2005, an S corporation incurs a net a long-term capital gain of $4,000. Marie, the le shareholder, has a $15, 000 stock basis at the beginning of the ity's so year. The corpo earnings and profits. ration has always been an s corporation and, therefore has no 16. what amount, if any, of the NOL may Marie deduct on her personal return? 17. What is Marie's 10ss carryforward at the end of year 2005? Facts for 18 and 19. Edards, an S corporation, distributes a machine to auebidos mhis asset has an adiusted basis of $30.000, but

Explanation / Answer

Marin may deduct $19000 of the Net operating loss the amount of her stock basis before considering the Net operating loss. The stock basis is then reduced to zero and she has an net operating loss carry forward if $3000 Stock basis beginning of the year $ 15,000.00 Loanf term capital gain $    4,000.00 ending basis before net operating loss $ 19,000.00 hence answer of 16 is 19000 17 is 3000

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